How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5339
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
13 Real Estate Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Tangible Personal Property Questions

Tangible personal property is a tax term that is used to refer to personal property that can be physically moved or relocated. It encompasses a range of items from small office fixtures to light trucks and miscellaneous assets like jewelry, toys, and so on.

Listed below are a few questions on tangible personal property.

What is tangible personal property?

Personal property can be classified in many ways. Tangible personal property usually refers to any kind of property that can be touched, moved, or felt. This would include objects like jewelry, art, writings, clothing, household goods, and furniture. In certain cases, when a person passes away, formal title documents clearly show the ownership and transfer rights of the person’s tangible personal property. However, in most cases, this kind of property is not officially “titled” in an owner’s name and is generally understood to be whatever property he/she possesses at the time of death.

In a will, does “tangible property” or “residuary estate” include part ownership in real estate?

In a will, residuary estate could include real estate depending on the situation but tangible property would not have anything to do with real estate.

Is it a good idea to create a trust and then record real estate property under it? Also, what is the kind of trust that you would need to have to record real estate property?

In this case, you would first need to sign a trust document and assign some tangible personal property or place a nominal sum of money in it, otherwise the trust would be considered invalid. Once you have completed this, you should be able to sign deeds to transfer real property to the trust.

All trusts can hold real estate property. So when you choose one, pick one that is best suited to your needs. For example, one that has asset protection, probate avoidance, and so on.

How can I transfer real property from a deceased person in California who has no will or assets?

At the time of the decedent’s death, if the gross fair market value of the decedent’s estate—including both real and personal property—does not amount to more than $100,000 (according to Probate Code Section 13100), the decedent’s successor can lay claim to a number of items by producing an affidavit or declaration to the person holding the decedent's personal property. These items could include the decedent’s money, tangible personal property, debts owed the decedent, as well as other intangible personal property.

In addition, an Expert on JustAnswer writes: “If the personal property consists of a note secured by a lien on real property and the instrument creating the lien has been recorded in the office of the county recorder of the county where the real property is located, the affidavit or declaration must be recorded in the same county.”

You must also ensure a certified copy of the decedent's death certificate is attached to the affidavit or declaration. Also, if the decedent's personal representative has agreed to this transfer of personal property, a copy of the consent along with letters of administration belonging to the personal representative must be attached to the affidavit or declaration.

Finally, the procedure described above can only be used for personal property in the estate and must be carried out only 40 days after the decedent's death.

Tangible personal property can be confused with real property but unlike the latter, tangible property can be moved or relocated. Depreciation on tangible personal property takes place over a five- or seven year period using straight-line amortization, but this kind of property is also eligible for accelerated depreciation.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5339
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
13 Real Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Ron
ASE Certified Technician
Satisfied Customers: 21623
23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
Dr. Y.
Urologist
Satisfied Customers: 18634
I am fellowship trained specializing in general urology and reconstructive urology.
John
Home Appliance Technician
Satisfied Customers: 13453
Appliance repair business owner for over 43 years.

Recent Tangible Personal Property Questions

  • My local township wants to put in a sidewalk in front of my

    My local township wants to put in a sidewalk in front of my property, their plans show that the proposed sidewalk will extend beyond the 5 ft right of way, which runs beside the existing road in front of my property. How can I stop them going onto my property?
  • My landlord entered my yard (common yard shared with 3 other

    My landlord entered my yard (common yard shared with 3 other tenants) and threw away property of ours without notice. What rights do we have?
  • The Board of the homeowner association in which I live has

    The Board of the homeowner association in which I live has decided to sell a building which is a common element of the association. The Association's attorney drew up an agreement and the Board has set up a tent in the parking lot to get people to sign the vote (agreement to sell the building) and have their signature notarized. This has been going on for weeks. The board and the management company has been robo-calling homeowners, sending letters, emails, and even calling people at work to get them to sign the agreement.
    Many homeowners do not realize they have a choice, the board has set the done that owners must sign and any one who hasn't is contacted and reminded they haven't signed yet. As the weeks go by, the Board is approaching their 80% goal.
    Here's the question: Pennsylvania Title 68, § 5318. Conveyance or encumbrance of common facilities. states in paragraph (b) that: "The agreement must specify a date after which the agreement will be void unless recorded before that date. The agreement and all ratifications shall be recorded in every county in which a portion of the planned community is situated and is effective only upon recording."
    The agreement has no such date in it; the Board can just keep trying and trying until they get the 80%. Is putting an due date mandatory? If they reach their goal, can they file there agreements as valid? How would someone protest their actions such that the lawyer could be shown to be acting in an unethical fashion (assuming a date is mandatory)?
< Last | Next >
View More Real Estate Law Questions