Jointly owned residential or commercial property is residential or commercial property owned by more than one individual. It is typically 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 noted on the title of a cars and truck or if you have a joint savings account. If the other individual dies, you immediately have full 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 tough to comprehend after a death.
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In Michigan, you can collectively own residential or commercial property in four ways:

- Tenants in typical
- Joint tenants
- 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 might wish to talk with a lawyer. Use the Guide to Legal Help to find an attorney 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 collectively owned residential or commercial property. It can also affect inheritance rights of successors 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 during the first 120 hours after a decedent’s death is thought about to have predeceased (passed away before) the decedent. When that occurs, they lose their interest in the decedent’s residential or commercial property. As an outcome, this person’s heirs 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 synchronised deaths or deaths in a common disaster