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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 jointly owned personal residential or commercial property are if you and another individual are both listed on the title of a cars and truck or if you have a joint savings account. If the other person dies, you automatically have complete 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 another person, ownership can be tough to comprehend after a death.
In Michigan, you can jointly own residential or commercial property in 4 ways:
- Tenants in common
- Joint tenants
- Joint tenants with full rights of survivorship
- Tenants by the totalities
All 4 forms of joint residential or commercial property leave the surviving owner with different rights. When dealing with complicated joint residential or commercial property situations, you may wish to talk with an attorney. Use the Guide to Legal Help to discover an attorney 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 jointly owned residential or commercial property. It can also affect inheritance rights of heirs and devisees. In Michigan, a person must live more than 120 hours after their co-owner passes away for the survivorship rights to take impact. Generally, anyone who passes away during the first 120 hours after a decedent's death is considered 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 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 common catastrophe
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Jointly Owned Residential or Commercial Property
Hermelinda Llanas edited this page 1 week ago