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Tangible Personal Property

Tangible personal property is any property that can be physically touched. It can include cars, jewelry, artwork and furniture. In contrast to intangible property which cannot be touched, like bank notes and checking accounts. Tangible property is usually included in personal property unlike land and houses which are real estate and not included in personal property. Intangible property is also included in personal property but not in chattel. Tangible property is subject to tax and is considered part of the assets of the estate. A blanket assignment or specific assignments can be used to bequeath tangible property in wills.

Fast Facts

  • Tangible property with a legal title must be specifically bequeathed or transferred into a trust.
  • Tangible property can be given away prior to death to insure that it is given to the persons intended.

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