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Spendthrift Trust Related Questions

A spendthrift trust is a trust that is created in order to help an individual who is not able to control their spending. A spendthrift trust appoints an independent trustee to manage the trust funds and take decisions on how it will be used for the benefit of the beneficiary. Typically, creditors of the beneficiary cannot access the funds within the trust because they are not controlled by the beneficiary. Given below are a few common questions answered by the Experts on issues related to spendthrift trusts.

Can a trustee of a discretionary spendthrift trust allow another individual to take over their position?

In most cases, the trustee always has the right to leave their position. They do not have a legal responsibility to continue to serving as a trustee if they don’t want to. If the trustee resigns from service, a successor trustee will be appointed based on the conditions laid down in the trust agreement.

Can someone set up a spendthrift trust without legal assistance from a professional?

Spendthrift Trust is often believed as difficult instruments. A spendthrift trust includes provisions what will protect the trust possessions from any type of creditor and spouse of the interested beneficiary. This type of trust will also include certain provisions that do provide the interest of any beneficiary income of the trust that will not be allowed to be voluntary or involuntary separation by the beneficiary. Since, it is very important to make sure that are the provisions are legally correct, unless the individual has had experience in creating a spendthrift trust it is believed to be wise for the individual to seek assistance from a legal professional.

Setting up and managing a trust isn’t easy. Spendthrift trusts are more complicated to set up since they contain certain provisions that are meant to safeguard assets from creditors or spouses of the beneficiaries. According to an Expert, ” These trusts contain specific provisions providing that the interest of any beneficiary in the income of the trust shall not be subject to voluntary or involuntary alienation by such beneficiary." Since it is important that these provisions are drafted carefully, it is better to seek legal assistance from a professional’s to set up a spendthrift trust.

In the State of New York, when creating a spendthrift trust, would an individual be able to add money to the rust over a period of time? Also, what would be the process for filing the form and submitting it to a bank or financial institution?

It is possible to add more to the spendthrift trust over time and if the trust is revocable, changes can also be made to it when needed. Now once the spendthrift trust has been created, the individual would simply need to go to the financial institutions that they have made part of the trust, notify them of the trust and request that the ownership of their account be placed in the trust name.

Creating a spendthrift trust needs a certain level of understanding of the legal system. . If you are trying to create a spendthrift trust or need more information about managing one, turn to Experts now. They can clarify all your doubts and answer all your questions both quickly and in a cost-effective manner.

Ask an Estate Lawyer

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Thomas McJD, Attorney
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19305272
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