Personalty is a term referring to a legal concept that encompasses tangible, movable, or personal property owned by an individual. It can include items such as furniture, jewelry, vehicles, money, or any possession that is not classified as real estate. In other words, personalty refers to assets that can be physically moved or transferred from one person to another.
The term "personalty" is derived from the Latin word "personalis," which means "personal." Unlike real estate, which refers to immovable property, personalty represents possessions that are distinctly owned by an individual and can be easily carried or transported. It is legally distinguished from real property, which primarily encompasses land, buildings, or any other fixed assets.
Personalty holds significance in various legal contexts, such as estate planning, inheritance, or taxation. When an individual dies, their personalty is typically distributed among their heirs in accordance with their will, trust, or intestacy laws if they do not have a will. Moreover, personalty can be subject to taxation, either as part of the estate tax or through other means of taxation, depending on the jurisdiction.
Overall, personalty is a legal term used to define movable possessions or personal property that can be owned, transferred, or inherited by an individual. It is a crucial aspect of property law that distinguishes it from real estate.
