Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is usually not included in the estate of a decedent. Examples of collectively 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 checking account. If the other person dies, you instantly 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 hard to understand after a death.

In Michigan, you can jointly own residential or commercial property in 4 methods:

- Tenants in typical
- Joint tenants
- Joint tenants with full rights of survivorship
- Tenants by the entireties
All 4 types of joint residential or commercial property leave the making it through owner with different rights. When handling complex joint residential or commercial property scenarios, you may want to talk with a legal representative. Use the Guide to Legal Help to discover an attorney or legal services in your location.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) affects more than just the four types of collectively owned residential or commercial property. It can also affect inheritance rights of successors and devisees. In Michigan, an individual should live more than 120 hours after their co-owner craves the survivorship rights to take impact. Generally, anybody who dies during the 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 individual's successors and devisees will not get 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 synchronised deaths or deaths in a typical catastrophe