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 jointly owned personal residential or commercial property are if you and another individual are both noted on the title of a cars and truck or if you have a joint bank account. If the other person dies, you automatically have complete ownership of that residential or commercial property.

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 another person, ownership can be tough to understand after a death.

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

- Tenants in typical
- Joint tenants
- Joint occupants with full rights of survivorship
- Tenants by the entireties
All four kinds of joint residential or commercial property leave the enduring owner with various rights. When handling intricate joint residential or commercial property scenarios, you may wish to talk with an attorney. Use the Guide to Legal Help to find a legal representative or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) impacts more than simply the four types of collectively owned residential or commercial property. It can also affect inheritance rights of heirs and devisees. In Michigan, an individual must live more than 120 hours after their co-owner passes away for the survivorship rights to take result. Generally, anyone who dies throughout the 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 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 simultaneous deaths or deaths in a typical disaster