A spendthrift trust is a trust that is created for the benefit of a person (often unable to control his spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary.
Read more about Spendthrift Trust: Overview, Benefits of A Nevada Spendthrift Trust NRS 166.020, Benefits of A Texas Spendthrift Trust TPC 112.035, Necessaries, Child Support and Alimony, Trusts Where The Beneficiary Is Also The Creator
Famous quotes containing the words spendthrift and/or trust:
“The spendthrift rich never have enough, but the thrifty poor always have a little put by.”
—Chinese proverb.
“Use the Force, Luke. Let go, Luke. Luke, trust me.”
—George Lucas (b. 1944)