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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: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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2 Real Estate Lawyers are Online Now

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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
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Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Tangible Personal Property Questions

  • I bought a storage unit and sold some of the items in it. The

    I bought a storage unit and sold some of the items in it. The
  • Hello there, we just sold our 1948 built house that we bought

    Hello there, we just sold our 1948 built house that we bought in Feb 2014 due to my husband not able to use the stairs for an upcoming hip replacement and a dispute has arisen that we did not disclose an alleged issue with the floor and ceiling that the buyers say is there (slight bowing of floor in living room that our furniture was on when they viewed, they also say that the ceiling below was sagging which it is NOT). We had our purchase inspection reports done in Dec 2013 and we were not made aware of ANY issues regarding a sagging floor or ceiling by our inspections company or seller at the time. The geo report we had done said all was fine too for a house built then (solid purchase). The new buyers had all inspections done and are accusing us of non disclosure even though we were not aware of it being an issue in any way as we were told there was no issue with it at time of purchase. We say we were honest with our disclosures and they need to speak to their inspection companies about this as it is not our problem. We sent them the page of our inspection report adhering to the ceilings and floors section and it says nothing about ANY ceiling or floor issues. They have had a quote for $20,000 to fix the alleged issue. Now they want the full inspection report that has us worried in case they hit us with something else as they seem to have buyers remorse and are looking for someone to blame. We choose this couple over another in a multiple offer situation with the house only being on the market for 2 days, shall we request arbitration or what do you suggest? They know we are dealing with my husband impending hip operation as well as my mother just getting out of the hospital and we said that our email response saying their inspectors are at fault if they say there is an issue as we were not aware they were issues with the floors or ceilings.. Sincerely ***** *****
  • I am in the midst of a divorce settlement. Our mortgage rewrite

    I am in the midst of a divorce settlement. Our mortgage rewrite came due and the ex decided not to sign so now our property is facing foreclosure. I live in South Dakota...would I be able to declare bankruptcy to save it?
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