What is a spendthrift trust?

A spendthrift trust is a type of trust set up in Florida Elder Law to protect an individual’s assets. It is designed to protect the assets from being squandered or wasted away by the beneficiary. In Florida, the trust is set up so that the beneficiary, usually a child or grandchild, will not have direct access to the money, but instead will receive it over time according to specific rules that are determined by the person who set up the trust. The person setting up the trust, or “trustor,” decides who will manage the trust and how the money will be used. The purpose of the trust is to ensure that the money is used for the beneficiary’s needs, such as housing, health care, and education, rather than being dissipated on frivolous purchases. The trustor can also name specific people or organizations, like charities, to receive benefits from the trust. Spendthrift trusts are a powerful tool that can help protect an individual’s assets for future generations. They are an important part of Florida Elder Law and can help provide peace of mind and financial security to the trustor and their family.

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What is a spendthrift trust?

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