What is Legal Assets?

Legal Definition
That portion of the assets of a deceased party which by law is directly liable, in the hands of his executor or administrator, to the payment of debts and legacies. 1 Story, Eq. Jur. § 551. Such assets as can be reached in the hands of an executor or administrator, by a suit at law against him.
-- Black's Law Dictionary
Legal Definition
Those which may be reached by proceedings at law. See 1 McCord Eq. (S. C.) 466.
-- Ballentine's Law Dictionary