To "possess" means to have ownership or control over something. This can refer to physical items, such as a car or house, or intangible things, like skills or knowledge. When someone possesses something, they have the right to use it or make decisions about it.
In legal terms, possession can also imply a certain level of responsibility. For example, if a person possesses a pet, they are expected to care for it. Possession can be temporary or permanent, depending on the context, such as borrowing a book versus owning it outright.