is cash tangible? If you was left 50% of all tangible assets in a will
would you get 50% of the cash?

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Request for Question Clarification by weisstho-ga on 04 Aug 2006 05:11 PDT

The Uniform Probate Code does not define "tangible property" as such. 

Are you sure that the term that you're looking at isn't "tangible
personal property"?

A very popular provision is for a person writing a will to have a
provision where they can prepare a written statement or list to
dispose of "tangible personal property."  By law, generally, this list
CANNOT dispose of "money" or real property.

If the provision in this will that you are a "devisee" of is not part
of this "written statement or list to dispose of items of tangible
personal property" you will have a good argument that cash is, indeed,
"tangible."  There is, however, a counter-argument that cash and
securities are "intangibles" as they represent a mere claim over
something.

What state are you in?  

Does the provision that you are looking at look like the "written
statement" clause discussed above?

weisstho-ga


Whether or not the provisions relating to a holographic will apply, a
will may refer to a written statement or list to dispose of items of
tangible personal property not otherwise specifically disposed of by
the will, other than money. To be admissible under this section as
evidence of the intended disposition, the writing must be either in
the testator's handwriting or signed by the testator at the end, and
must describe the items and the devisees with reasonable certainty.
The writing may be referred to as one to be in existence at the time
of the testator's death; it may be prepared before or after the
execution of the will; it may be altered by the testator after its
preparation; and it may be a writing that has no significance apart
from its effect on the dispositions made by the will.

Not necessarily ... the Executors might spend the cash to defray the costs involved.

According to NCBuy.com, tangible assets are: "Physical and material
assets that have shape and form, and can be touched. Examples are
cash, land, and buildings."

According to Promitheas.com, tangible assets are: "Real assets such as
equipment, cash, buildings, inventory, etc."

According to Nacva.com (National Association of Certified Valuation
Analysts), tangible assets are: "physical assets (such as cash,
accounts receivable, inventory, property, plant and equipment, etc.)."

There are also several sites that do not mention cash, but simply
define it as all assets. As well, I found many definitions that state
stock is a tangible asset, while others explicitly state stock is not.
I think the definition is up for debate. I'd consult an attorney.

 - artqs

Your local tax office will take its cut

TANGIBLE PROPERTY - Property that has physical substance and can be
touched; Anything other than real estate or money, including
furniture, cars, jewelry and china. Intangible property (example; a
check account) lacks this physical quality.

Cash used to be classified as an intangible (a piece of paper that
could be exchanged for a specific amount of gold, having value only
because everyone agrees to the exchange rate). Now most legal systems
classify it as tangible, since money is rarely exchanged for gold.

A bank account holding the cash would be intangible. 

Time to call an estate lawyer in your state!

When my father died (in the state of Florida), part of his estate
consisted of some coins and currency found in his house. In probate,
the coins and currency were listed as "tangible." The money in his
bank account was listed as "intangible."

Since laws very from place to place, my suggestion is that you consult
an attorney in the state or province where the will is filed.