Spendthrift Trust Language For Trust
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
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.
The pros of a spendthrift trust are that it can prevent creditors and lawsuits from attaching to the beneficiary's assets and provide a steady income stream. The downside is that it can be expensive to set up and maintain, and the beneficiary may be able to challenge the trust's spendthrift provisions in court.
The beneficiary is never the trustee of a spendthrift trust. Instead, the trustee can be another family member, a family friend, or even a corporate trustee like a bank. The trustee will spend the money for the beneficiary's needs or could make payments directly to the beneficiary, as the trust document allows.
A spendthrift trust is a trust that limits the beneficiary's access to the trust assets ing to specific terms the grantor sets. Spendthrift trusts help ensure that beneficiaries can't squander their inheritance; they also protect trust assets from creditors.
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.