You may have made a loved one a joint-owner of the account. The joint-owner may make deposits and withdrawals during your lifetime. The joint owner may also have "rights of survivorship," meaning that he/she will automatically inherit the account when you pass away. Even if you have a joint account, you should complete the POD form to assure that the bank knows what to do with the remaining assets when both account holders have passed away. This step will also assure that the account may not become part of a time-consuming and costly probate process.