What is a Spendthrift Trust?
A Spendthrift Trust is a trust that is created (usually by ones self, a friend or a relative) for the benefit of a person (often because he or she is unable to control spending) that gives the settlor as an independent trustee full authority to make decisions as to how the trust funds or assets may be distributed for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds or assets of the trust, and the funds or assets are not actually under the control of or owned by the beneficiary. The beneficiary can be changed, or other beneficiaries can be added at any time by the settlor or trustee.
A Spendthrift Trust is a trust that is created (usually by ones self, a friend or a relative) for the benefit of a person (often because he or she is unable to control spending) that gives the settlor as an independent trustee full authority to make decisions as to how the trust funds or assets may be distributed for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds or assets of the trust, and the funds or assets are not actually under the control of or owned by the beneficiary. The beneficiary can be changed, or other beneficiaries can be added at any time by the settlor or trustee.
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