Trust Spendthrift Definition With Example
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
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.
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.
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.
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.
Below are some of the disadvantages to keep in mind as you determine how you want to set up your estate plan: Some debts, like alimony or child support, may not be exempt from a spendthrift trust. A spendthrift trust may be irrevocable, meaning that the trustor is not able to make changes whenever they wish.