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Simple English definitions for legal terms
assets per descent
Read a random definition: Rules Enabling Act of 1934
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.