5400 - Personal Property

5410 Types of Personal Property - Personal property consists of all property excluding real property. Cash assets which are a form of personal property consist of cash on hand, money in checking and savings accounts, cryptocurrency assets, stocks or bonds, cash surrender or loan value of life insurance policies, trust funds, monies or other property provided to a child under the Uniform Transfers to Minors Act (UTMA), and similar items on which a determinate amount of money can be realized. Personal property shall be considered available to the account owner/holder except for property held by a conservator or guardian is considered available to the conservatee or beneficial owner.    

Other personal property as used in the definition include such items as personal effects, household equipment and furnishings, home produce, livestock, equipment, vehicles, inventory, prepaid funeral contracts, and contracts from the sale of real or personal property.

Unless exempt, the value of personal property owned by the individual must be considered.

5420 How to Determine the Value of Personal Property - The market value of personal property (except life insurance) shall initially be determined by the use of a reputable trade publication. If a publication is not available, an estimate shall be obtained from a reputable dealer. If there is a difference of opinion regarding the value of property between the client or the agency as established by either of the above processes, an estimate from a reputable dealer shall be used.

The cost of the estimate, if any, shall be the responsibility of the agency.