Benefits of A Texas Spendthrift Trust TPC 112.035
| This section may be unbalanced towards certain viewpoints. Please improve the article by adding information on neglected viewpoints, or discuss the issue on the talk page. |
For example, the Texas Property Code provides:
-
- (a) A settlor may provide in the terms of the trust that the interest of a beneficiary in the income or in the principal or in both may not be voluntarily or involuntarily transferred before payment or delivery of the interest to the beneficiary by the trustee.
A clause in the terms of a trust agreement that complies with the above-quoted statute is an example of what the law calls an "anti-alienation provision".
To continue with the example of the Texas law, the Texas Property Code further provides:
-
- (b) A declaration in a trust instrument that the interest of a beneficiary shall be held subject to a "spendthrift trust" is sufficient to restrain voluntary or involuntary alienation of the interest by a beneficiary to the maximum extent permitted by this subtitle.
-
- (c) A trust containing terms authorized under Subsection (a) or (b) of this section may be referred to as a spendthrift trust.
The above-quoted language essentially means that a trust instrument does not (at least, in Texas) have to contain complex legal jargon to qualify the trust as "spendthrift"; simply using the word "spendthrift" in the trust document may be sufficient.
Read more about this topic: Spendthrift Trust
Famous quotes containing the words benefits of a, benefits of, benefits, texas, spendthrift and/or trust:
“One of the benefits of a college education is, to show the boy its little avail.”
—Ralph Waldo Emerson (1803–1882)
“Through all opposition the personal benefits of the reform [dress] [bracketed word in original] have compensated; but had it been mainly sacrifice, the thought of working for the amelioration of women and the elevation of humanity would still have been the beacon-star guiding me on amid all discouragements.”
—Susan Pecker Fowler (1823–1911)
“Through all opposition the personal benefits of the reform [dress] [bracketed word in original] have compensated; but had it been mainly sacrifice, the thought of working for the amelioration of women and the elevation of humanity would still have been the beacon-star guiding me on amid all discouragements.”
—Susan Pecker Fowler (1823–1911)
“Worn down by the hoofs of millions of half-wild Texas cattle driven along it to the railheads in Kansas, the trail was a bare, brown, dusty strip hundreds of miles long, lined with the bleaching bones of longhorns and cow ponies. Here and there a broken-down chuck wagon or a small mound marking the grave of some cowhand buried by his partners “on the lone prairie” gave evidence to the hardships of the journey.”
—For the State of Kansas, U.S. public relief program (1935-1943)
“The spendthrift rich never have enough, but the thrifty poor always have a little put by.”
—Chinese proverb.
“One must be fond of people and trust them if one is not to make a mess of life.”
—E.M. (Edward Morgan)