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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebSpendthrift TrustA spendthrift trust is a legally binding arrangement where a designated trustee manages and controls the assets of the trust for the benefit of a beneficiary who may have difficulty managing their own finances. SensesSense 1: Legal Trust ArrangementA spendthrift trust refers to a legal trust arrangement where the trustee has the authority to make financial decisions and distribute assets to the beneficiary based on predetermined conditions. The purpose of this trust is to protect the beneficiary from their own reckless spending habits or external creditors seeking to claim the assets. Example Sentence: The wealthy family set up a spendthrift trust to ensure that their children's inheritance would be well-managed and protected. Sense 2: Financial ProtectionIn a financial context, a spendthrift trust acts as a shield against careless spending and potential loss of assets. It offers protection to individuals who may not have the ability to handle money responsibly, reducing the risk of squandering their wealth. Example Sentence: The spendthrift trust provided the necessary safeguards to prevent the heir from squandering the entire family fortune. Related ProductsTo explore more about spendthrift trusts, you can find relevant books and resources on Amazon: | ||||
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