Jointly owned residential or commercial property is residential or owned by more than someone. It is normally not included 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 car or if you have a joint bank account. If the other individual passes away, you automatically have complete ownership of that residential or commercial property.

Sometimes joint ownership is more complex. If you owned real 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.
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In Michigan, you can jointly own residential or commercial property in 4 ways:

- Tenants in common
- Joint renters
- Joint renters with complete rights of survivorship
- Tenants by the wholes
All 4 types 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 likewise affect inheritance rights of beneficiaries and devisees. In Michigan, an individual should live more than 120 hours after their co-owner craves the survivorship rights to take result. Generally, anybody who passes away throughout the first 120 hours after a decedent's death is considered to have actually predeceased (died before) the decedent. When that occurs, they lose their interest in the decedent's residential or commercial property. As an outcome, this person's successors and devisees will not receive a share in the decedent's residential or commercial property. The 120-hour rule is not followed if:

- A will, deed, title, or trust addresses simultaneous deaths or deaths in a common disaster