Assets of a Decedent's Estate Law and Legal Definition

Assets of a decedent's estate is the property of a decedent, subject to the payment of the debts of the decedent, including real and personal, corporeal and incorporeal, property. However, it does not include homestead and other exemptions.

Whatever property or money is lawfully recovered or received by the executor or administrator, after the death of his testator or intestate in virtue of his representative character, he holds as assets of the estate. [De Valengin's Adm'rs v. Duffy, 39 U.S. 282 (U.S. 1840)].