All property that is not real property (land and buildings). Includes both tangible personal property (physical items like furniture, vehicles, jewelry, clothing, household goods) and intangible personal property (non-physical assets like stocks, bonds, bank accounts, intellectual property, digital assets). Also called personalty, as distinct from realty (real estate).
Everything you own except land and buildings. All the movable stuff—your car, furniture, clothes, jewelry, collectibles, money in the bank, shares, and digital assets. Divided into tangible (physical things you can touch) and intangible (financial assets, rights, digital property). Unlike real estate which requires specific transfer documents, personal property can usually be given away more simply in a will.
⏱ When you'll encounter this term
- Making a will and deciding who gets your belongings
- Estate planning documents asking about assets
- Probate when assets are being inventoried
- Dividing possessions among family members
- Distinguishing from real property (real estate)
"Dad's will left the house (real property) to Mum, but all his personal property—his car, tools, watch collection, and furniture—was to be divided equally among us kids. We spent weeks going through everything deciding who got what."
💡 Did you know?
Personal property includes both tangible items (things you can touch) and intangible assets (bank accounts, shares, intellectual property, cryptocurrency). Many people forget to account for valuable intangible personal property like digital assets, online accounts, and intellectual property rights when making their wills.