Jointly owned residential or commercial property is residential or commercial property owned by more than someone. It is typically not included 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 checking account. If the other person dies, you immediately have full ownership of that residential or commercial property.

Sometimes joint ownership is more intricate. If you owned real residential or commercial property with a decedent, or if you own any residential or commercial property with a decedent and someone else, ownership can be difficult to understand after a death.

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

- Tenants in common
- Joint renters
- Joint occupants with full rights of survivorship
- Tenants by the entireties
All four types of joint residential or commercial property leave the surviving owner with various rights. When handling complex joint residential or commercial property circumstances, you might desire to talk with a lawyer. Use the Guide to Legal Help to find a lawyer or legal services in your area.

Survivorship and the 120-Hour Rule

Survivorship (outliving your co-owner) impacts more than just the four kinds of jointly owned residential or commercial property. It can also impact inheritance rights of beneficiaries and devisees. In Michigan, an individual needs to live more than 120 hours after their co-owner craves the survivorship rights to work. Generally, anybody 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 happens, they lose their interest in the decedent's residential or commercial property. As an outcome, this person's successors 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 synchronised deaths or deaths in a common catastrophe