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

Sometimes joint ownership is more complicated. 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 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 totalities
All 4 types of joint residential or commercial property leave the making it through owner with various rights. When handling complex joint residential or commercial property circumstances, you may desire to talk with a lawyer. Use the Guide to Legal Help to find an attorney or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) affects more than just the 4 types of jointly owned residential or commercial property. It can also affect inheritance rights of successors and devisees. In Michigan, an individual should live more than 120 hours after their co-owner dies for the survivorship rights to take effect. Generally, anybody 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 synchronised deaths or deaths in a typical catastrophe