Goods and chattels refer to tangible movable property that individuals and businesses own or possess. This term includes any physical possessions that are capable of being moved or transferred from one person to another. Goods typically encompass a wide range of personal property, such as household items, vehicles, machinery, equipment, and inventory for businesses. Chattels, on the other hand, generally refer to specific personal possessions like furniture, appliances, jewelry, or artwork.
The term "goods and chattels" often appears in legal contexts, particularly in property law and estate planning. In the legal realm, it signifies personal property distinct from real property, which refers to land and buildings. Goods and chattels can be bought, sold, gifted, or inherited, and they hold value that can be measured in monetary terms. These possessions are considered assets and can be used to secure debts or loans.
Furthermore, this term is frequently utilized in the context of wills and trusts, where it denotes personal possessions that are to be distributed among beneficiaries upon the death of the owner. In such cases, goods and chattels play a vital role in estate administration and are subject to inheritance taxes or other legal requirements.
Overall, "goods and chattels" is a comprehensive term encompassing all movable and tangible personal property that individuals or businesses own, possess, or have rights to.
