Legal Assets Law and Legal Definition

Legal assets are assets left by a decedent that is available for administration without the aid of a court of equity. They are property subject to the payment of the debts of the decedent, and include all the decedent's property, except such as is exempt by law from liability for his/her debts.

Legal assets are divided into personal, real, and equitable assets. Personal assets are those which go to the administrator for the payment of debts. Real assets consist of land, which must be subjected by special proceedings. Equitable assets may be either real or personal, but require the aid of a court of equity for their subjection, owing to their nature, usually based on some provision in a will. [Agee v. Saunders, 127 Tenn. 680 (Tenn. 1913)].