Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

assets per descent

Read a random definition: joint ownership

A quick definition of assets per descent:

Assets are things that someone owns and that have value. They can include things like money, property, equipment, and even goodwill. When someone dies, their assets may be passed down to their heirs, and these assets are called assets by descent. Some assets are easy to turn into cash, like a savings account, while others, like a house, may take more time and effort to sell.

A more thorough explanation:

Definition: Assets per descent refer to the portion of an estate that passes to an heir and is enough to charge the heir with the deceased person's specialty debts.

Examples: When a person dies, their assets are distributed among their heirs. Assets per descent are the assets that are passed down to the heirs and are enough to cover the deceased person's debts. For example, if a person dies and leaves behind a house worth $500,000 and a car worth $20,000, and their debts amount to $200,000, the assets per descent would be $320,000 ($500,000 + $20,000 - $200,000).

Explanation: Assets per descent are the assets that are inherited by the heirs and are enough to cover the deceased person's debts. These assets are distributed among the heirs according to the laws of inheritance. The heirs are responsible for paying off the deceased person's debts using these assets. The example illustrates how assets per descent are calculated by subtracting the deceased person's debts from the total value of the assets that are passed down to the heirs.

assets in hand | asset under management

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
LSD+ is ad-free, with DMs, discounts, case briefs & more.