In the context of estate administration, it is important to accurately identify and classify property as either real property or personal property, as this can affect the distribution of assets and the payment of taxes and debts.
In Georgia, the difference between real property and personal property is defined as:
- Real property is immovable property, such as land and buildings. This includes any structures that are permanently attached to the land, such as houses, barns, or sheds. Real property also includes the rights and interests that are associated with the ownership of the land, such as mineral rights, air rights, and water rights.
- Personal property, on the other hand, refers to movable property that is not permanently attached to the land. This includes items such as:
- Furniture
- Jewelry
- Vehicles
- Artwork
- Stock certificates
- Bank accounts
- Investment accounts
- Other possessions