As we discussed earlier, there are two main types of property: real property and personal property. Personal property, all items that are not land or things fixed to land, can be further split into two categories: tangible and intangible.
What is tangible property?
Objects that are tangible property can be physically touched, held, and moved. Some examples of tangible property include household goods, cars, and jewelry.
What is intangible property?
Unlike tangible property, intangible property cannot be touched or felt. There is usually still some type of record of intangible property which proves ownership and that it has value. Some examples of intangible property are stocks, bonds, patents, copyrights, and promissory notes from people who owe you money. In the case of a promissory note, there is no literal value in the piece of paper, but rather there is underlying value in the debt owed to you by the promisor.
When planning your estate you are essentially organizing your property: real and personal, tangible and intangible. You have worked throughout your entire life for the assets that you own. It is generally easy to think of the real property you have because it is large (i.e. your house). However, things can get more complicated when considering all of the personal property, both tangible and intangible that surely has value to you and your family. A proper estate plan will simplify and put order to all of your property.
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Darol Tuttle, Attorney at Law, P.S. services clients in Washington State to include Thurston County, Pierce County, King County and Snohomish County to include cities such as Olympia, Tacoma, Gig Harbor, Federal Way, Puyallup, Sumner, Auburn, Kent, Seattle, Burien, Des Moines, Renton, Kirkland, Bellevue, Redmond, Seattle, Lynnwood, Edmonds and Everett.Written by Darol Tuttle, Attorney at Law