When an asset reaches its lifecycle end, its Status is updated to End of Life or Disposed. The Disposed Date should be also filled in, to track the date of when this happened.
Out-of-the-box, Remedy Asset Management automatically fills in the Installation Date. In the other Remedy ITSM modules, the Closed Date is automatically updated when an Incident is Closed or when a Change Request is marked Closed.
A little automation goes a long way. The normal benefits: time-saver, data accuracy.