What really is tangible personal property?
A dictionary definition of tangible property is:
"Tangible property in law is anything which can be touched, and includes both real and personal property (or moveable property), and stands in distinction to intangible property."
From that definition do you understand what tangible property is?
If you answered NO here are a few examples:
• Tangible property is personal property that can be physical in nature, such as a diamond ring, a silver coin, a boat, or the contents of a home.
• It is property you can see or touch, such as buildings, machinery, vehicles, furniture, and equipment.
And, your will should have a specific clause that deals with personal property as opposed to the financial value of real estate, stocks, bonds, businesses, and other investments.
It is important to understand the meaning of the words that make up your will. If you misunderstand what something is or what its effect is your will may not effectively do what you want it to do. So make sure you review your will for a personal property clause and that such property is going to the right person.
Helpful Hint: Read over your estate planning documents such as your will and write down any questions you have so when you meet with your lawyer you can make sure you have the best will possible for your unique situation.
P.S. As a client or reader of Unruh, Turner, Burke, and Frees Attorney's at Law's Estate and Trust Blog, you qualify to claim one of our free will reviews. These reviews are scheduled during the summer months. The twenty-minute will review (we will gladly review even if we did not draft your will) and our advice is free.
This is a limited time offer so please call David M. Frees III or Douglas Kaune at 610-933-8069 today.