<lightning-button label="Update" onclick={toggleEditAsset}></lightning-button>

toggleEditAsset = () => {
    const event = new CustomEvent('toggle_edit_asset');
    this.dispatchEvent(event);
}

<c-asset-information asset={model.asset} edit-asset={editAsset} ontoggleeditasset={handleToggleEditAsset}></c-asset-information>

handleToggleEditAsset() {
    this.editAsset = !this.editAsset
    console.log('toggle');
}