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Personal property is movable and includes tangible items like cars and jewelry, and intangible items like copyrights. It can be distinguished from real estate by its mobility and shorter lifespan. Livestock, pets, and even plants can be considered personal property.
In general, personal property is defined as movable property. When defining this type of property, people usually use real estate as a comparison, as real estate is fixed property that is unlikely to be moved to a new location. Personal property, however, typically includes things like cars, jewelry, clothing, appliances, and computers, as these things can be moved from place to place. Often this type of goods is divided into two basic categories: tangible and intangible. Tangible personal property includes property that a person can physically touch, while intangible property cannot be touched, such as a copyright.
Another way to distinguish personal property from real estate is to consider how long the property is likely to last. For example, real estate attached to the ground is likely to last much longer than a computer, car or boat, under most circumstances. Likewise, land is considered immovable property, whether or not a building has been erected on it. Property that sits on top of that land, as long as it can be moved, is often considered personal.
In many cases, living things can be considered personal property. In many jurisdictions, for example, livestock and pets fall into this category of ownership, as they can be moved from one place to another. Sometimes even plants are considered personal property. For example, if a person purchases and plants rose bushes, the rose bushes may be considered personal property. This could be because a person may remove the rose bushes from the ground and plant them in a different location.
There are many different types of tangible personal property and they can vary widely in value. Because this type of property can be moved and touched, it includes a wide variety of small items such as wallets, cell phones, and personal digital assistants (PDAs). Clothing and shoes are also often included in this category. There’s also an abundance of large items that can be considered personal, tangible property, such as washers and dryers; exercise equipment; Automobiles; motorcycles; boats; and trucks.
Intangible property is not tangible, nor is it always visible. Copyrights are an example of personal and intangible property. This category of property can also include stocks and bonds. While a person can see stock and bond certificates, they usually cannot see or touch the assets that represent stock and bond certificates. Patents of ideas can also be considered intangible property.
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