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LSDefine

Simple English definitions for legal terms

assets by descent

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A quick definition of assets by descent:

Assets are things that someone owns and that have value. This can include things like money, property, equipment, and even things like goodwill. When someone dies, their assets may be passed down to their heirs, and these are called assets by descent. Some assets are easy to turn into cash, like money in a bank account, while others may be harder to sell, like a piece of land. It's important to know what assets someone has when they owe money or need to pay debts, because these assets may need to be used to pay off what is owed.

A more thorough explanation:

Assets by descent refer to the portion of an estate that passes to an heir and is sufficient to charge the heir with the deceased person's specialty debts. In other words, it is the property that is inherited by the legal heirs of a deceased person.

For example, if a person dies and leaves behind a house, a car, and some cash, these assets will be distributed among their legal heirs according to the laws of inheritance. The portion of the assets that each heir receives will be considered as assets by descent.

Another example could be a bankrupt person's assets that are available for paying debts or for distribution. These assets could include cash, inventory, equipment, real estate, accounts receivable, and goodwill.

asset purchase | assets entre main

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General

General chat about the legal profession.
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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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