What Is the Definition of “estate Management”?
Estate management is the practice of overseeing the financial interests of a living person or the last wills and testaments of a deceased person. These financial interests might include educational trusts, business mergers, and property maintenance and development.
An estate manager for a living person usually has several responsibilities within her job title that vary upon the request of her employer. For example, she might start her day looking over her employer’s stock portfolio, spend the midday speaking with her employer about his future property acquisition plans and end the work day meeting with bankers to set up educational funds for her employer’s children. It is important to note that she might also be called upon to make travel arrangements, oversee her employer’s home renovations projects and drop everything at a moment’s notice to plan a last-minute party.
An estate manager for a deceased person is usually kept on retainer until the death of the client. Upon his demise, the estate manager generally contacts the family members and work associates and ensures that the deceased’s funeral wishes are fulfilled. Then, the estate manager works with the deceased’s lawyers to make sure that his property, money and other types of assets are divided up in strict accordance with his will.