ASSETS, in Law, signifies goods enough to discharge that burden which is cast upon the executor or heir, in satisfying the debts and legacies of the testator or ancestor. Assets are real or personal. Where a man hath lands in fee simple, and dies seized thereof, the lands which come to his heirs are assets real; and where he dies possessed of any personal estate, the goods which come to the executors are assets personal. Assets are also divided into assets by descent, and assets in hand. Assets by descent is where a person is bound in an obligation, and dies seized of lands which descend to the heir, the land shall be assets, and the
their shall be charged as far as the lands to him descended will extend. Assets in hand is when a man indebted makes executors, and leaves them sufficient to pay his debts and legacies; or where some commodity or profit ariseth to them in right of the testator: this is called assets in their hands.