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It’s All About Joint Title in Michigan | Joint Tenancy Explained
January 2, 2009
Filed under: Estate Administration,Estate Planning,Living Trust,Probate — Christopher J. Berry | Estate & Elder Law Attorney @ 7:07 pm
Whether you are the personal representative or trustee for a deceased’s estate or going through the funding process of your own revocable living trust, it is important to understand the different types of jointly owned property in Michigan.
The first type of jointly owned property is called “Tenancy in Common”. Two or more people often purchase property and then hold title as tenants in common (or abbreviated to TIC). With TIC, each person owns a proportionate share of the property. For example, if there are three owners, then each owner owns a 1/3 share of the property. Each person therefore has an individual interest so that if one party dies, they can pass their interest through trust, will or Michigan probate.
The next type of joint ownership is called “Tenancy by Entireties”. In Michigan, tenancy by the entirieties is a form of property ownership that is only available to husband and wife. With the death of either owner, the survivor is the sole owner of the property. Additionally, neither can dispose of the property while living, without the consent of the other.
The next type of joint ownership in Michigan is “Joint Tenancy with the Right of Survivorship”. This type of joint property exists when you and two or more people hold property in such a way that upon the death, the survivors automatically inherit the property interest of the deceased.
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I have my name along with my mother’s name on the property deed of my mother’s home which I believe to be “Tenancy in Common”. She has died. My brother is the Personal Representative identified in her will which states that all of her estate be divided equally between her heirs.
There is an additional signed document that reads:
“The refinancing needs a addition to the Warranty Deed. If Helen I. Miller (my mother) passes prior to the completion of the refinancing the Warranty Deed reverts back to the estate for resale to Michael P. Barber (me). At that time the sale as a Mortgage can go into effect.”
Under these conditions, does the “Tenancy in Common” still apply?