Princeton's WordNet

1. assets(noun)

   anything of material value or usefulness that is owned by a person or company

Wiktionary

1. assets(Noun)

   Any property or object of value that one possesses, usually considered as applicable to the payment of one's debts.

   His assets are much greater than his liabilities.

2. assets(Noun)

   Sufficient estate; property sufficient in the hands of an executor or heir to pay the debts or legacies of the testator or ancestor to satisfy claims against it.

3. assets(Noun)

   Any goods or property properly available for the payment of a bankrupt's or a deceased person's obligations or debts.

Webster Dictionary

1. Assets(u)

   property of a deceased person, subject by law to the payment of his debts and legacies; -- called assets because sufficient to render the executor or administrator liable to the creditors and legatees, so far as such goods or estate may extend

2. Assets(u)

   effects of an insolvent debtor or bankrupt, applicable to the payment of debts

3. Assets(u)

   the entire property of all sorts, belonging to a person, a corporation, or an estate; as, the assets of a merchant or a trading association; -- opposed to liabilities

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