Legal Definition and Related Resources of Spendthrift Trust
Meaning of Spendthrift Trust
A trust established to provide a fund for the maintenance of the beneficiary and at the same time to secure it against his improvidence or incapacity . See Wagner v Wagner, 244 III. 101, 91 N.E. 66. Also a trust that restrains either the voluntary or involuntary alienation by a beneficiary of his interest in the trust or which bars such interest from seizure in satisfaction of his debts. McNeal v Bonnel, (Mo.) 412 S. W.2d 167. Also Hines v Sands, (Tex. Civ.App.) 312 S. W.2d275.
Spendthrift Trust Alternative Definition
A trust created for the purpose of providing for the maintenance of a person, and at the same time putting the property from which such maintenance is derived beyond the reach of the improvidence of the beneficiary. It is generally held that such trusts are ineffective, on the ground that the beneficial interest of the cestui que trust, whatever it may be, is liable for his debts (5 [Wall.] U. S. 441; 15 Ohio St. 419) ; but in some states, such trust provisions have been upheld (20 Mo. App. 1; 86 Tenn. 81).
Related Entries of Spendthrift Trust in the Encyclopedia of Law Project
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Spendthrift Trust in Historical Law
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This definition of Spendthrift Trust is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Meaning of Spendthrift Trust in the U.S. Legal System
Definition of Spendthrift Trust published by the National Association for Court Management: A trust set up for the benefit of someone who the grantor believes would be incapable of managing his or her own financial affairs.
Concept of Spendthrift Trust in the context of Real Property
A short definition of Spendthrift Trust: A trust created to give an income to the beneficiary while protecting the principal from the beneficiary and creditors of the beneficiary. The beneficiary may, therefore, not be able to sell or encumber the trust property.
Concept of Spendthrift Trust in the context of Real Property
A short definition of Spendthrift Trust: A trust created to give an income to the beneficiary while protecting the principal from the beneficiary and creditors of the beneficiary. The beneficiary may, therefore, not be able to sell or encumber the trust property.
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