Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is typically not consisted of in the estate of a decedent. Examples of jointly owned individual residential or commercial property are if you and another individual are both listed on the title of a cars and truck or if you have a joint checking account. If the other individual passes away, you instantly have complete ownership of that residential or commercial property.
simpli.com
Sometimes joint ownership is more complex. If you 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 difficult to understand after a death.

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

- Tenants in common
- Joint renters
- Joint tenants with complete rights of survivorship
- Tenants by the totalities
All four kinds of joint residential or commercial property leave the enduring owner with different rights. When handling complex joint residential or commercial property situations, you may wish to talk with a lawyer. Use the Guide to Legal Help to discover a lawyer or legal services in your location.

Survivorship and the 120-Hour Rule

Survivorship (outlasting your co-owner) affects more than just the 4 kinds of jointly owned residential or commercial property. It can also affect inheritance rights of beneficiaries and devisees. In Michigan, an individual needs to live more than 120 hours after their co-owner dies for the survivorship rights to work. Generally, anybody who dies throughout 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 individual'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 common catastrophe