What is considered personal property?

image3-4Personal property is anything that can be owned, except land. It is important to understand the answer to this question when you are creating your will.

A will provides for the distribution of certain property owned by you at your time of death. Generally, you can divide and distribute your property in any way you choose.

As part of your will, you may wish to designate some of your possessions to certain individuals. Essentially, there are two types of property: personal property and real property.

Personal property includes anything other than land that can be the subject of ownership. This is divided into two subcategories: tangible and intangible property. Animals, merchandise, jewelry, and other physical items are considered tangible property. Intangible property includes things like stocks, patents, copyrights, bonds, and units of ownership.

Real property is land and usually anything that is affixed to or growing on that land, including buildings and crops. In most cases, if you jointly own property with someone, the property will pass directly to the remaining tenant upon your death.

Now let’s say you have a business account that you wish to include in your will. Whether this account is considered personal property is dependent upon the number of people it belongs to. It may belong to a corporation, LLC, or multiple business partners. An experienced estate planning attorney can review the title to the account and the language of the will to ensure that everything is in order.

The lawyers at Lovett & Lovett Co., L.P.A. have a unique blend of skills and experience to help you and your family with your particular needs. We can advise you in choosing the best instrument to address your estate plan. What we won’t do is charge excessive fees for a basic will. Instead, we leverage our knowledge and experience to provide a will that can give you peace of mind. Contact us today to schedule an appointment or get more information about our will services in Dayton, Tipp City, or Springfield, Ohio.