What Is Property?

PROPERTY is the right to possess, use, and enjoy any external thing.

PROPERTY can be REAL (a piece of land) or PERSONAL (cars, furniture).

PROPERTY can also be TANGIBLE (seen, measured, or touched) or INTANGIBLE (lacks a physical existence).

In Texas, PROPERTY can also be COMMUNITY (acquired during a marriage) or SEPARATE (acquired before marriage or acquired after marriage by receiving a gift or receiving an inheritance).

For Estate Planning purposes you should consider all possible types of property you might own or have an ownership interest in when you start to prepare your Estate Planning documents.