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1 Jointly Owned Residential or Commercial Property

Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is typically not consisted of in the estate of a decedent. Examples of collectively owned personal residential or commercial property are if you and another individual are both noted on the title of a vehicle or if you have a joint bank 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 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 hard to comprehend after a death.
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In Michigan, you can jointly own residential or commercial property in four ways:

- Tenants in common
- Joint renters
- Joint tenants with complete rights of survivorship
- Tenants by the entireties
All 4 types of joint residential or commercial property leave the enduring owner with various rights. When handling complicated joint residential or commercial property situations, you might wish to talk with a lawyer. Use the Guide to Legal Help to discover an attorney or legal services in your location.

Survivorship and the 120-Hour Rule

Survivorship (outlasting your co-owner) impacts more than simply the four types 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 dies for the survivorship rights to work. Generally, anyone who passes away during the very 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 a result, this individual's beneficiaries 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 typical catastrophe