noun-plural. noun-plural. 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.noun-plural. Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.noun-plural. The entire property of all sorts, belonging to a person, a corporation, or an estate; ; -- opposed to liabilities.