In addition, individual states may also impose an inheritance tax or estate tax. 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 generally being a minimum time if everything proceeds according to schedule. Because of high attorney's fees, executor's commissions, and court costs, the often unwanted publicity, and the time delay involved in probating an estate, many people attempt to avoid probate administration. Joint Tenancy A form of title arrangement, usually between spouses.
Title passes automatically to the surviving joint tenant.
There may be income tax disadvantages to this arrangement and the joint tenancy must be dissolved after one tenant dies. Creditors of either joint tenant can attach the asset. It may also frustrate estate tax savings which are anticipated from carefully drafted will and trusts. A method of passing savings accounts to heirs. Passbook accounts are held in trust for another.