"Seniors Beware!"


Recently the folks at a local newspaper forwarded to me a letter they received from a gentleman identifying himself as “a senior citizen, over 75”. The letter was entitled “Seniors Beware.” The writer requested that the letter be published to help others, because he had “learned the hard way.” With the "help" of others (and without his own lawyer), the gentleman created a joint bank account that he did not intend to. He is in court trying to reverse the creation.

The article explains the operation of and differences among joint accounts, "pay on death" accounts and convenience accounts, and illustrates the lesson of what can happen when people don't know what they are doing.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Finance & Banking Updates, Wills, Trusts, & Estate Planning Updates, Consumer Protection Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© JOSEPH BOLLHOFER | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »