Related Definitions
What is a Spendthrift Trust?
A trust designed to protect a beneficiary’s assets from being accessed by creditors or from being squandered due to the beneficiary’s poor financial habits.
A type of trust that includes provisions to protect the trust assets from being claimed by creditors of the beneficiaries. Spendthrift trusts restrict a beneficiary’s ability to access trust funds directly, instead allowing the trustee to manage distributions for the beneficiary’s benefit. This type of trust is often used to prevent beneficiaries from squandering their inheritance or to protect assets from creditors in case of financial difficulties.
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