Trust Spendthrift Definition For Trust
Description
How to fill out Irrevocable Trust Agreement With Joint Trustors For Benefit Of Their Children With Spendthrift Trust Provisions?
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FAQ
Spendthrift Provision.No right or interest of an Eligible Employee under this Plan may be assigned, transferred or alienated, in whole or in part, either directly or by operation of law, and no such right or interest shall be liable for or subject to any debt, obligation or liability of such Eligible Employee.
A spendthrift trust is a trust designed so that the beneficiary is unable to sell or give away her equitable interest in the trust property. The trustee is in control of the managing the property. Thus, the beneficiary of the trust is not in control of the property and her creditors cannot reach those assets.
When establishing a trust, you include a provision that dictates a beneficiary's right to transfer funds into their possession. By including a clause stating that they may not transfer funds at once and are to receive disbursements incrementally, you are thus including spendthrift provision.
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 Participant may not sell, pledge, hypothecate or otherwise assign or transfer any cash or Common Stock credited to the Participant's Plan Account, nor any other interest therein. No attempt to effect any such sale, pledge, hypothecation, or other assignment or transfer shall be effective.