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Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is normally not consisted of in the estate of a decedent. Examples of collectively owned individual residential or commercial property are if you and another individual are both noted on the title of an automobile or if you have a joint savings account. If the other individual dies, you automatically have complete ownership of that residential or commercial property.

Sometimes joint ownership is more complicated. 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 difficult to comprehend after a death.

In Michigan, you can collectively own residential or commercial property in 4 ways:

- Tenants in typical
- Joint tenants
- Joint renters with full rights of survivorship
- Tenants by the totalities
All four types of joint residential or commercial property leave the enduring owner with different rights. When dealing with complicated joint residential or commercial property circumstances, you may desire to talk with a legal representative. Use the Guide to Legal Help to find a legal representative or legal services in your area.

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 likewise affect inheritance rights of heirs and devisees. In Michigan, a person needs to live more than 120 hours after their co-owner craves the survivorship rights to take impact. Generally, anybody who passes away during the very first 120 hours after a decedent's death is considered to have actually predeceased (died before) the decedent. When that takes place, 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 disaster