Intangible personal property is property that is owned by a person but has no literal, physical existence although it may have a tangible representation of its existence, such as stocks and bonds being a physical representation of the intangible ownership of shares in business. Intangible personal property can be willed to beneficiaries just as any other property owned. It is important that in estate planning the owner of the intangible personal property specifically name the property as it is not included in chattel. Intangible personal property can be taxed just as real personal property is taxed however each type of intangible property has differing rules and a financial expert should be consulted to help with planning for the bequest and what it means financially.