What is ASSETS?

In probate law. Property of n a decedent available for the payment of debts LI and legacies; the estate coming to the heir or personal representative which is chargeable, in law or equity, with the obligations which such heir or representative is required, in his representative capacity, to discharge. F In an accurate and legal sense, all the personal property of the deceased which is of a salable nature, and may be converted into ready money, is deemed assets. But the word is not confined to such property ; for all other property of the deceased which is chargeable with n his debts or legacies, and is applicable to that | purpose, is, in a large sense, assets. 1 Story, Eq. .Tur.

More On This Topic

Link to This Definition
Did you find this definition of ASSETS helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary