Jointly owned residential or commercial property is residential or commercial property owned by more than one individual. It is normally 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 listed on the title of an automobile or if you have a joint bank account. If the other person dies, you automatically have full 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 somebody else, ownership can be difficult to comprehend after a death.
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In Michigan, you can jointly own residential or commercial property in 4 methods:

- Tenants in typical
- Joint occupants
- Joint renters with full rights of survivorship
- Tenants by the entireties
All four kinds of joint residential or commercial property leave the making it through owner with different rights. When dealing with intricate joint residential or commercial property circumstances, you might want to talk with a lawyer. Use the Guide to Legal Help to find an attorney or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) affects more than simply the four types of collectively owned residential or commercial property. It can likewise affect inheritance rights of successors and devisees. In Michigan, an individual should live more than 120 hours after their co-owner passes away for the survivorship rights to take effect. Generally, anyone who dies during the first 120 hours after a decedent's death is thought about to have actually predeceased (died before) the decedent. When that occurs, they lose their interest in the decedent's residential or commercial property. As an outcome, this individual's heirs 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 common catastrophe