What happens in Fixed Assets when an employee assigned to an asset is terminated?

We are in the process of implementing fixed assets and a question came up about what happens when an employee is assigned to an asset and that employee is terminated.   How will the person that maintains the assets know that this employee is no longer active?   Will the employee still display on screen even though he is no longer active, so that the person maintaining assets can see who had the equipment last?   How would this impact reports, will it flag those assets?  Didn't see anything on this in the User Guide.