Definitions for "Spendthrift trust"
A trust set up for the benefit of a person that the creator of the trust believes would be incapable of managing his or her own financial affairs.
A trust that says that the beneficiary cannot give away or sell their part of the trust. This means that creditors cannot take money from the trust.
A trust that provides a fund for the maintenance of a beneficiary, which by its terms shelters the beneficiary's interest from the beneficiary's incapacity, and the claims of the beneficiary's creditors.