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Jointly owned residential or commercial property is residential or commercial property owned by more than a single person. It is generally 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 dies, you instantly have full ownership of that residential or commercial property.
Sometimes joint ownership is more complicated. If you owned real residential or commercial property with a decedent, or if you own any residential or commercial property with a decedent and another person, ownership can be tough to comprehend after a death.
In Michigan, you can jointly own residential or commercial property in 4 ways:
- Tenants in common
- Joint tenants
- Joint renters with full rights of survivorship
- Tenants by the wholes
All four kinds of joint residential or commercial property leave the surviving owner with various rights. When dealing with intricate joint residential or commercial property situations, you might wish to talk with a legal representative. Use the Guide to Legal Help to discover a legal representative or legal services in your area.
Survivorship and the 120-Hour Rule
Survivorship (outliving your co-owner) affects more than just the 4 kinds of collectively owned residential or commercial property. It can also affect inheritance rights of beneficiaries and devisees. In Michigan, an individual must live more than 120 hours after their co-owner dies for the survivorship rights to work. Generally, anyone who dies during the very first 120 hours after a decedent's death is considered to have predeceased (passed away before) the decedent. When that happens, they lose their interest in the decedent's residential or commercial property. As an outcome, this person's beneficiaries and devisees will not get 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
這將刪除頁面 "Jointly Owned Residential or Commercial Property"
。請三思而後行。