Jointly owned residential or commercial property is residential or commercial property owned by more than one individual. It is typically not included in the estate of a decedent. Examples of collectively owned personal residential or commercial property are if you and another individual are both noted on the title of a vehicle or if you have a joint savings account. If the other individual dies, you instantly have full ownership of that residential or commercial property.

Sometimes joint ownership is more complex. If you owned genuine residential or commercial property with a decedent, or if you own any residential or commercial property with a decedent and somebody else, ownership can be tough to comprehend after a death.

In Michigan, you can jointly own residential or commercial property in four methods:

- Tenants in typical
- Joint tenants
- Joint occupants with complete rights of survivorship
- Tenants by the wholes
All 4 forms of joint residential or commercial property leave the making it through owner with different rights. When handling complex joint residential or commercial property circumstances, you might want to talk with an attorney. Use the Guide to Legal Help to find a lawyer or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) impacts more than just the 4 types of collectively owned residential or commercial property. It can likewise affect inheritance rights of beneficiaries and devisees. In Michigan, a person should live more than 120 hours after their co-owner passes away for the survivorship rights to work. Generally, anyone who dies during the very first 120 hours after a decedent's death is thought about to have actually predeceased (died before) the decedent. When that happens, they lose their interest in the decedent's residential or commercial property. As an outcome, this person's heirs 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 common disaster