A native of Danville, Virginia, Harry Sakellaris is a graduate of the McIntire School of Commerce, University of Virginia. He obtained his law degree from the Walter F. George School... more
A native of Danville, Virginia, Harry Sakellaris is a graduate of the McIntire School of Commerce, University of Virginia. He obtained his law degree from the Walter F. George School of Law of Mercer University and a Master of Law and Taxation degree from the Marshall-Wythe School of Law, College of William and Mary, in 1986. Harry is active in the community, having served on the Board of Dir... 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.