Tangible assets are property that has a physical being and can be touched, such as buildings, paper, and equipment, as defined by e-conomic, whereas intangible assets cannot be touched, such as trademarks and patents, as defined by AccountingTools. These two terms are used to categorize any company's assets.Know More
A company has many different types of assets, but most fall in to one of two categories: tangible and intangible. According to e-conomic, tangible assets are fixed assets that include physical structures, vehicles, inventory, stock and cash. Tangible assets depreciate throughout the course of their life cycle, which means that their worth decreases as the asset is in use. For example, a piece of machinery becomes worn and requires maintenance over time, which lowers its value.
Intangible assets include things such as patents, copyrights, trademarks and Internet domain names. These items do not necessarily depreciate over time. Unlike tangible assets, it can be difficult to place an actual value on items that don't have a physical presence, and liquidating companies rarely include intangible assets as part of the liquidation process. Entrepreneur explains that companies only report on intangible assets if they were purchased by the company, and these assets are usually ignored if they are internally generated. For example, if a company purchases a patent, the sale price of that patent carries over, whereas the research and development costs are expensed immediately because they are internally generated.Learn more about Financial Planning
Probate is necessary if the deceased owned property or assets that were solely in his name without any joint owners or a designation that is payable on death, says estate expert Julie Garber on About.com. That property or asset needs to go into probate in order to transfer it out of the decedent's name.Full Answer >
A trust fund account is one that consists of bonds, stocks, cash, property and various other types of assets that can be set aside and inherited for financial security by an organization, such as a charity, or individual. Trust funds are established by grantors and managed by a trustee.Full Answer >
Anyone can create a holographic will by writing down his wishes for who inherits his property and signing the paper. A hand-written, unwitnessed will is legal in about half of the United States, while some states also require that a hand-written will also be dated. To be valid, a holographic will must be completely hand-written.Full Answer >
A legal charge on property refers to a mortgage on land, buildings or other assets, explains Fortune Law. Legal charges arise from agreements that give lenders an interest over a borrower's assets. A legal charge does not confer ownership rights.Full Answer >