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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.