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Chattel

Chattel is any item of personal property that can be moved from place to place. In estate planning it is quite literally personal property that can be touched. When writing a will and planning how the estate is to be divided, wording is very important. The courts typically have ruled that bequeathing "the contents of all personal and chattel property included in the home" does not include intangible properties such stock certificates. This is important to note if the intention is to leave everything including stocks that the wording of the last will and testament be such that the intention of the testator is clearly understood. If the property can be moved from one place to another it chattel, clearly, stocks and bonds are intangible even though they are identified by paper.

Fast Facts

  • Pets have historically been considered chattel; however, that attitude is changing and their status is being handled in courts throughout the United States.
  • In terms of property, an item attached to the property is considered a fixture while an item not attached can be considered a chattel.

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