spendthrift trust
11trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… …
12Trust law — In common law legal systems, a trust is an arrangement whereby property (including real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor, who entrusts… …
13Trust (Recht) — Ein Trust ist im juristischen Sinn eine von einer Person unter Lebenden[1] oder für den Todesfall[2] geschaffenen Rechtsbeziehung,[3] wenn Vermögen zugunsten eines Begünstigten oder für einen bestimmten Zweck abgesondert und der gebundenen… …
14Trust instrument — A trust instrument (also sometimes called a deed of trust, where executed by way of deed) is an instrument in writing executed by a settlor used to constitute a trust. Trust instruments are generally only used in relation to an inter vivos trust; …
15spendthrift — One who spends money profusely and improvidently; a prodigal; one who lavishes or wastes his estate. By statute, a person who by excessive drinking, gaming, idleness, or debauchery of any kind shall so spend, waste, or lessen his estate as to… …
16spendthrift clause — A provision in a trust that restricts a beneficiary s ability to transfer rights to future payments of income or capital under the trust to a third party. In effect, the clause prevents spendthrift beneficiaries from squandering an inheritance… …
17Foreign trust — commonly refers to a trust that is governed by the laws of a jurisdiction other than the United States. These trusts may be used for investment, estate planning and succession planning purposes, but are most commonly used for asset… …
18Express trust — Where property is passed to a person but no gift is made, it is held for the owner, this is the Resulting trust; where property should for some reason of public policy or fairness or rule of Equity be held for someone other than the legal owner,… …
19Quistclose trust — A Quistclose trust is a specific type of trust in common law jurisdictions that arises between a debtor and a creditor, when the debtor undertakes to use the loan in a particular way, and segregates the creditor s money from his general assets.… …
20Asset-protection trust — An asset protection trust is a term which covers a wide spectrum of legal structures. Any form of trust which provides for funds to be held on a discretionary basis falls within the category. Such trusts are set up in an attempt to avoid or… …
