Asset management is the attempt to manage the assets under the control of an estate. Asset control is an attempt to navigate the affairs of the deceased in an attempt to protect the assets accrued by the deceased.
Asset liability management is an aspect of asset management that attempts to minimize the danger posed to the property held by the estate. Asset liability management practices have changed over the last thirty years. Asset liability management has developed tools to more accurately assess the mismatches that exist between the assets and liabilities, also known as the assets and debts, held by the estate.
Strong asset control will normally allow the probate to provide the estate with more valued assets than would have developed if the estate sought to avoid asset management, which would convey a heightened risk of losses. Asset management is one of the primary concerns that the probate process addresses.
While a person whose estate would be subjected to the probate process is still alive, a person can establish a living trust in order to practice asset control while they are still alive, and practice asset management that will allow the individual to more carefully manage their assets.