\spˈɛndθɹɪft tɹˈʌst], \spˈɛndθɹɪft tɹˈʌst], \s_p_ˈɛ_n_d_θ_ɹ_ɪ_f_t t_ɹ_ˈʌ_s_t]\
Definitions of SPENDTHRIFT TRUST
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A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.
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