spendthrift trust

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Noun[edit]

spendthrift trust (plural spendthrift trusts)

  1. (law) A trust that is created for the benefit of a person (often because that beneficiary is unable to control spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary, thus keeping the funds in the trust beyond the reach of creditors.