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 individual residential or commercial property are if you and another person are both listed on the title of a cars and truck or if you have a joint checking account. If the other person dies, you immediately have full ownership of that residential or commercial property.
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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 somebody else, ownership can be tough to comprehend after a death.

In Michigan, you can collectively own residential or commercial property in four ways:

- Tenants in common
- Joint tenants
- Joint renters with full rights of survivorship
- Tenants by the entireties
All 4 forms of joint residential or commercial property leave the making it through owner with different rights. When handling complex joint residential or circumstances, you may wish to talk with a lawyer. Use the Guide to Legal Help to find a lawyer or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outlasting your co-owner) impacts more than simply the four kinds of collectively 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 take effect. Generally, anyone who passes away throughout the very first 120 hours after a decedent's death is thought about to have actually predeceased (passed away before) the decedent. When that happens, they lose their interest in the decedent's residential or commercial property. As a result, this individual's successors 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 synchronised deaths or deaths in a typical catastrophe