Items of inherent value that can be physically touched and possessed, such as furniture, jewelry, artwork, vehicles, and clothing, constitute this type of asset within a last will and testament. These assets are distinct from real estate (land and buildings) and intangible assets like stocks, bonds, and intellectual property rights. For example, a collection of antique coins would be considered this asset type, whereas the ownership shares of a company would not.
Clearly defining these possessions in a will simplifies estate administration and helps prevent disputes among heirs. Historically, such possessions represented the bulk of an individual’s wealth, and their proper distribution was crucial for family continuity and social stability. Careful consideration of these assets within estate planning allows for efficient transfer of ownership and ensures wishes are respected. A comprehensive inventory can further minimize ambiguity and facilitate a smooth probate process.
