The probating of a Will permits a court of law to supervise the transfer of assets from the decedent to his heirs. A typical probate lasts about one year, with six months being a minimum time if everything proceeds according to schedule. Because of the attorney's fees, executor's commissions, court costs and the time delay, many people attempt to avoid probate administration. A form of title arrangement, usually between spouses.
Title passes automatically to the surviving joint tenant.
There may be some income tax disadvantages to this arrangement and the joint tenancy must be dissolved after the tenant dies. Creditors of either joint tenant can attach the asset. It may also frustrate estate tax savings which are anticipated from carefully drafted Wills and Trusts. A method of passing savings accounts to heirs. Passbook accounts are held in trust for another.