John O. McManus received his Bachelor of Arts degree in political science and philosophy from Fordham University where he was awarded membership in phi sigma alpha for excellence in... more
John O. McManus received his Bachelor of Arts degree in political science and philosophy from Fordham University where he was awarded membership in phi sigma alpha for excellence in his major field of study and received his Juris Doctor from Fordham University School of Law. He practiced law for five years with the Wall Street law firm of Dewey Ballantine and with the national law firm of Jones... view profile
A trust is an arrangement whereby someone owns and manages money or property for another person's benefit. Like a guardianship, a trustee has decision-making authority over the trust property, but no court is involved in the trustee's action–the person who creates the trust defines the scope of the trustee's power. There are many different trust types, including probate trusts, income trusts, spendthrift trusts, and educational trusts. For example, a living trust allows you to manage your property while you are alive and to direct who will manage it if you become incapable of doing so. In essence, you choose your own “guardian” in advance and avoid having the court do it for you. A trust attorney reviews the many reasons for establishing a trust with you, and can ensure your trust will be legally valid.