Spendthrift Trust Language For A Child
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren With Spendthrift Trust Provisions?
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FAQ
The distinguishing legal language for a spendthrift trust will be something like: No part of the income or principal of this trust shall be subject to anticipation, alienation, or assignment by any beneficiary.
The exact wording of a spendthrift clause may look something like ?no beneficiary may assign, anticipate, encumber, alienate, or otherwise voluntarily transfer the income or principal of any trust created under this trust.
A spendthrift clause is a provision in a trust ? most trusts contain one ? that prevents a trust beneficiary from using a future distribution to secure credit. The clause also prohibits payment to a creditor if it extends credit to a beneficiary based on future distributions.
: a person who spends improvidently or wastefully. Examples: David complained that his eldest son was quite the spendthrift, and was always writing home from college requesting more money. "
For example, let's say you have an estate worth $2 million. Instead of gifting the estate in its entirety at once, a spendthrift provision could arrange to disperse any dividends earned on a quarterly basis. As the 'grantor,' or the person who created the trust, you must appoint a trustee.