Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is normally not included in the estate of a decedent. Examples of collectively owned personal residential or commercial property are if you and another person are both noted on the title of an automobile or if you have a joint savings account. If the other individual passes away, you immediately have full ownership of that residential or commercial property.

Sometimes joint ownership is more intricate. If you owned real residential or commercial property with a decedent, or if you own any residential or commercial property with a decedent and someone else, ownership can be difficult to understand after a death.
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In Michigan, you can collectively own residential or commercial property in 4 methods:

- Tenants in common
- Joint occupants
- Joint occupants with complete rights of survivorship
- Tenants by the entireties
All 4 kinds of joint residential or commercial property leave the surviving owner with various rights. When dealing with complicated joint residential or commercial property circumstances, you might desire to talk with an attorney. Use the Guide to Legal Help to discover a lawyer or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outlasting your co-owner) affects more than simply the 4 kinds of jointly owned residential or commercial property. It can likewise affect inheritance rights of successors and devisees. In Michigan, an individual must live more than 120 hours after their co-owner craves the survivorship rights to work. Generally, anyone who passes away during the very first 120 hours after a decedent's death is thought about to have predeceased (died before) the decedent. When that takes place, they lose their interest in the decedent's residential or commercial property. As an outcome, this person's successors and devisees will not get a share in the decedent's residential or commercial property. The 120-hour guideline is not followed if:

- A will, deed, title, or trust addresses simultaneous deaths or deaths in a typical disaster