Spendthrift Trust Language With Spouse
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 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.
Spendthrift trust pros Gives the beneficiary a reliable stream of income while preventing irresponsible spending of the assets. Grantor can retain control over the assets. Spendthrift trust assets are often excluded from the overall estate for tax purposes.
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.