Administration of Estates Act 1925 s55

Definition of chattels

"Personal Chattels" means carriages, horses, stable furniture and effects (not used for business purposes) motor cars and accessories (not used for business purposes) garden effects, domestic animals, plated articles, linen, china, glass, books, pictures, prints, furniture, jewellery, articles of household or personal use or ornament, musical and scientific instruments and apparatus, wines, liquors and consumable stores, but does not include any chattels used at the death of the intestate for business purposes nor money or securities for money.

Inheritance and Trustees' Powers Act 2014.

3 Definition of personal chattels

(1) For paragraph (x) of section 55(1) of the Administration of Estates Act 1925 (definitions) substitute- "(x) " Personal Chattels" means tangible movable property other than any such property
which-
consists of money of securities for money or
was used at the death of the intestate solely or mainly for business purposes or
was held at the death solely as an investment"

(2) If a Will or Codicil containing a reference to personal chattels defined ( in whatever form of words ) by reference to sections 55(1) (x) of the Administration of Estates Act 1925 was executed before the coming into force of subsection (1) then unless the contrary intention appears subsection 1 is to be disregarded in interpreting the reference to personal chattels.

It may accordingly be prudent from now to take articles (such as Ferraris) which may be held as a significant investment as identified items of estate and not simply as chattels especially when they have been used ( and insured) for business purposes. In that instance such articles should be listed as specific legacies rather than simply fall into the residuary of your estate.