Author Topic: Inheritance -- What constitutes personal property?  (Read 618 times)

Chrissy

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Inheritance -- What constitutes personal property?
« on: May 29, 2019, 10:24:34 AM »
Years ago, Aunt told my mother that I stood to inherit from her and Uncle.  Her best friend would get the "personal property" and my sister and I would get the rest.  My mother got the impression that Aunt meant for the friend to get all the physical assets and Sister and I to get the financial assets.  So, what does "personal property" really constitute?  (Google has not been my friend about this one.)

Fyi, both Aunt and Uncle are still living, and I suspect they've changed their will in the intervening 20 years to grant their entire estate (if any) to the friend or an animal charity, which is fine by me!  I'm just curious about the legal ramifications of the wording.  I assume the phrase came from their lawyer.

secondcor521

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Re: Inheritance -- What constitutes personal property?
« Reply #1 on: May 29, 2019, 10:33:46 AM »
When my Mom passed away, personal property was equated to household goods, personal effects, and jewelry.

It was listed last, and excluded real property (cars and houses, anything with a title I think), cash on hand and in banks, receivables, stocks, bonds, mutual funds, entity ownership interests (small businesses I think), IRAs, life insurance, and annuities.

lexde

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Re: Inheritance -- What constitutes personal property?
« Reply #2 on: May 29, 2019, 12:14:42 PM »
In legal terms, there are three types of property: real property (land); intellectual property (patents/trademarks); and personal property (all chattel, moveable property exclusive of land or buildings).

Chrissy

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Re: Inheritance -- What constitutes personal property?
« Reply #3 on: June 01, 2019, 09:45:28 PM »
Thank you @secondcor521 and @lexde !  Looks like the phrase lines up with Aunt's intention, then.