Jon J. Sarra is the chair of the Trusts, Estates and Wealth Planning Practice Group... more
Jon J. Sarra is the chair of the Trusts, Estates and Wealth Planning Practice Group and a member of the Real Estate, and Oil and Gas Practice Groups at Hinman, Howard & Kattell. Combining his background in these areas with his business law work, Mr. Sarra counsels businesses and individuals in all aspects of estate planning, business succession planning, residential and commercial real estate, ... 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.