Legal Definitions - assets per descent

Assets per descent refers to property or wealth that a deceased person acquired through inheritance from another deceased individual. This term is often used in the context of estate administration to distinguish assets that came to the deceased through inheritance from those they acquired during their lifetime. The distinction can be important for various legal purposes, such as determining how debts are paid or how assets are distributed to the deceased's own heirs.

• Example 1: The Family Farm

  John inherited a 200-acre family farm from his grandfather. Years later, John passes away. In the administration of John's estate, the family farm would be considered an asset per descent because John acquired it through inheritance from his grandfather, not through purchase or his own labor. This classification might be relevant if, for instance, there are specific rules about how inherited land is treated regarding estate taxes or creditor claims compared to assets John bought himself.

• Example 2: Inherited Stock Portfolio

  Sarah's mother passed away and left Sarah a diversified stock portfolio worth $500,000. Sarah kept this portfolio separate from her other investments. When Sarah dies, this portfolio is still identifiable within her estate. The $500,000 stock portfolio would be classified as an asset per descent in Sarah's estate. It originated from her mother's inheritance, distinguishing it from other assets Sarah might have accumulated through her own career or investments. This distinction could be crucial if, for example, Sarah had specified in her will that "all assets inherited from my mother" should go to a particular charity.

• Example 3: Heirloom Jewelry

  David inherited a valuable antique watch from his great-uncle. This watch had been passed down through several generations in their family. When David dies, the watch is part of his possessions. The antique watch is an asset per descent in David's estate. Its value and origin as an inherited item from a deceased relative make it distinct from other personal property David might have purchased. This classification could be important if there are specific family agreements or legal provisions regarding the disposition of such heirlooms.