IMHO:
One SHOULD list down all assets "one by one" (ie. details like bank a/c #, stocks in which CDS or nominee a/c, mutual funds, properties, etc.)
for "Asset List" that the Executor of the Will to know what one estate has lar.

If U mean list "one by one" to give who, no need lar, just list %
Only things U may want to be specific are like properties and vehicles, thus that are HARD to own by many parties
OR may cause WAR among the parties (some wants to keep, some wants to sell, some couldnt be bothered flying in from AU/UK/US to sign-off - ALL STUCK)

And.. no.. all the assets belong to Testator (Will writer/owner lar).
When given to beneficiary/ies, then only belong to someone else
Anything BELONGING TO SOMEONE ELSE and not Testator is called debt heheh. Yes yes - best to list down who U own (creditors) too, other than "Asset List"

Just a thought