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Simple English definitions for legal terms

Spendthrift Clause

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A quick definition of Spendthrift Clause:

A spendthrift clause is a rule that says that money or property in a trust cannot be taken by the person who is supposed to get it or their creditors. The trust usually only gives a little bit of money to the person at a time, so they don't spend it all at once. This is to help people who are not good at managing money. The person who is supposed to get the money cannot be forced to give it to someone else, but if they owe money to someone, that person can take some of the money that the trust gives to the person. Not all states have this rule, and some states have exceptions that let creditors take the money in certain situations.

A more thorough explanation:

A spendthrift clause is a legal term that refers to a clause in a trust that limits the ability of the beneficiary or their creditors to access the assets of the trust. This type of clause is often used to protect the beneficiary from their own financial mismanagement or from the claims of their creditors.

For example, let's say that John creates a trust for his son, Tom, and includes a spendthrift clause. The trust requires the trustee to only give a certain amount of income to Tom each year, and the rest of the assets are held in the trust. If Tom gets into financial trouble and owes money to creditors, they cannot go after the assets in the trust to satisfy the debt.

However, it's important to note that not all states recognize spendthrift trusts, and the rules around them can vary. In some cases, creditors may be able to garnish the payments that the beneficiary receives from the trust, but they cannot access the assets themselves.

Spending power | Spendthrift Trust

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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