Spendthrift Trusts
A trust where the settlor gives property in trust for another, and provides that the beneficiary cannot assign or otherwise alienate his or her interest, and that it shall not be subject to the claims of the beneficiary's creditors. Most states uphold the arrangement, but there is wide variance in the limitations imposed by the statutes and case law. The settlor cannot create a spendthrift trust in his or her own favor. It is against public policy to permit an individual to tie up his own property in such a way that he can enjoy it but prevent his creditors from reaching it.
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