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1 Jointly Owned Residential or Commercial Property

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Jointly owned residential or commercial property is residential or commercial property owned by more than one person. It is usually not included in the estate of a decedent. Examples of collectively owned personal residential or commercial property are if you and another person are both noted on the title of a vehicle or if you have a joint savings account. If the other person passes away, you immediately have full ownership of that residential or commercial property.

Sometimes joint ownership is more intricate. If you owned real 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 understand after a death.

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

- Tenants in common
- Joint tenants
- Joint occupants with complete rights of survivorship
- Tenants by the wholes
All four forms of joint residential or commercial property leave the making it through owner with different rights. When handling complex joint residential or commercial property situations, you may wish to talk with an attorney. Use the Guide to Legal Help to discover an attorney or legal services in your location.

Survivorship and the 120-Hour Rule

Survivorship (outlasting your co-owner) affects more than simply the four types of collectively owned residential or commercial property. It can also impact inheritance rights of heirs and devisees. In Michigan, a person needs to live more than 120 hours after their co-owner passes away for the survivorship rights to take result. Generally, anyone who passes away during the very first 120 hours after a decedent's death is thought about to have 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 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 typical disaster