By Lynn Magnusson, ASA with Becky Lipnick
Common definitions of personal property often include “movable property; belongings exclusive of land and buildings…Any asset other than real estate.” After 20 years in the business, I find that the definition most people immediately understand is the simplest: “Stuff.” The only danger with this definition is that people often have a preconceived notion of their “stuff’s” value. Some underestimate, while others overestimate the monetary value. Just look at these different examples of what you can own!
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This blog reprinted by permission of the author. It was originally published as So … What is Personal Property?