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Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is typically not included in the estate of a decedent. Examples of jointly owned personal residential or commercial property are if you and another person are both listed on the title of an automobile or if you have a joint checking account. If the other person passes away, you instantly have complete ownership of that residential or commercial property.

Sometimes joint ownership is more intricate. If you owned genuine 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 hard to understand after a death.
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In Michigan, you can jointly own residential or commercial property in 4 methods:

- Tenants in common
- Joint renters
- Joint renters with complete rights of survivorship
- Tenants by the totalities
All 4 kinds of joint residential or commercial property leave the surviving owner with different rights. When dealing with intricate joint residential or commercial property situations, you may wish to talk with a legal representative. Use the Guide to Legal Help to find a lawyer or legal services in your location.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) affects more than simply the four kinds of jointly owned residential or commercial property. It can likewise affect inheritance rights of heirs and devisees. In Michigan, an individual must live more than 120 hours after their co-owner passes away for the survivorship rights to work. Generally, anyone who passes away throughout the first 120 hours after a decedent's death is thought about to have actually 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 beneficiaries and devisees will not receive 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 catastrophe