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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55442
Experience:  29 years of experience practicing law, including tax and estate planning.
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Is your home considered personal property? can I write this

Customer Question

Is your home considered personal property? can I write this under tangible personal property on my prepared will as tangible personal or Personal property.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi there. My name is ***** ***** I look forward to helping you.

Your home is real property, not personal property. Real property is land (including mineral rights in the land) and improvements. Everything else is personal property. Then, personal property is divided into either tangible personal property or intangible personal property. Tangible personal property is any personal property that can be seen and has a physical presence such as cash, property, plant and machinery or investments. On the other hand, intangible personal property is personal property that cannot be seen such as goodwill of a company, trademark, and intellectual property rights.

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Expert:  Richard replied 1 year ago.

Just to follow up. You can make a specific bequest of your home, but you would want to do that as a specific bequest and not on the separate sheet allocating personal property. You don't have to re-do your entire will. Rather, you can simply do a Codicil, which is a fancy legal term for an amendment when a will is involved. In the Codicil, you can reference your original will, state that other than the changes in the Codicil all terms and provisions of the original will remain in full force and effect, and then specify which provisions of the original will are being changed. You will want to have the Codicil signed, witnessed, and notarized in the same format as the original will. Then, make sure you keep the Codicil with the original will so whoever gets your will at your death will know the Codicil exists. You can do this yourself or you can seek the guidance of a lawyer, but you are not obligated to engage a lawyer to do this for you.