After Georgios Averoff died in 1899, a large part of his fortune was given over to fund the operation of schools, the construction of an aqueduct, springs and a bridge, the repair of public roads and churches, tree planting, the maintenance of a cemetery, the supply of free medicines to all Metsovo residents, poor girls were provided with dowries and the purchase of books was made for the creation of a public library.
The general supervision of the legacies and the schools was assigned to Georgios’ elder brother, Nikolaos Michael Averoff (Kolakis, son of Halis).