Which of the following is categorized as not an asset?

Dividends on stocks are categorized as income rather than an asset because they represent payments made to shareholders from a company's earnings, typically on a periodic basis. While they are a source of revenue for the stockholder, they do not represent ownership of a tangible item or value that can be measured, like the other options.

On the other hand, a checking account is considered an asset since it holds liquid cash that can be accessed and used for transactions. A revocable trust for family withdrawals serves as a vehicle for managing and distributing assets, thereby functioning as an asset in the broader financial context. Equity in real property represents the ownership interest in a property after accounting for any liabilities, making it a tangible asset that can appreciate or depreciate in value.