What is a spendthrift trust?

A spendthrift trust is a legal arrangement in South Carolina where someone can manage and protect assets for the benefit of a beneficiary. It is used to ensure the beneficiary can benefit from assets, such as money or property, but without putting them at risk of losing it. Usually, a trust is created by a person, called the grantor, who leaves behind assets to benefit another person, called the beneficiary. The trust is managed by a trustee who is responsible for making sure the assets are used in accordance with the trust’s provisions. In a spendthrift trust, the beneficiary cannot access or transfer the assets without first obtaining the permission of the trustee. The trustee is responsible for making sure that the beneficiary only receives what is outlined in the trust document, so the assets are protected from creditors or other people the beneficiary might owe money to. This type of trust also prevents someone from wasting the assets or using them in an irresponsible way. The trustee is typically a lawyer or financial expert with experience in probate law in South Carolina. It is their job to make sure the assets are used appropriately for the beneficiary’s benefit and they have the power to deny access when necessary. Spendthrift trusts are a great way to ensure that a person’s assets are protected and used in the way they intended.

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What is a spendthrift trust?

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