Spendthrift Trust Language With Beneficiaries
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FAQ
The beneficiary is never the trustee of a spendthrift trust.
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 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.
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.
A beneficiary of trust is the individual or group of individuals for whom a trust is created. The trust creator or grantor designates beneficiaries and a trustee, who has a fiduciary duty to manage trust assets in the best interests of beneficiaries as outlined in the trust agreement.