Chapter 7
The Auctioneer and the Trash Man
As you recall from Chapter 1, every decedent leaves a Knick-Knack Estate. It encompasses furniture, jewelry, clothing, books, appliances, and, yes, even knick-knacks. Anything that has value in and of itself—no matter how little—is part of the Knick-Knack Estate. Almost always the least valuable estate, it is often the most challenging to administer, as you will see.
The technical term for knick-knacks is tangible personal property and is easily distinguished from intangible personal property, which merely represents value somewhere else. For example, cash, stocks, and bonds are, in and of themselves, worthless paper but have value as representations of currency, corporate assets, and debt.
The line ...
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