How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Estate Law question
Type Your Estate Law Question Here...
characters left:
Estate Lawyers are Online Now

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 a Estate Law question
Type Your Estate Law Question Here...
characters left:
Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21173
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21173
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18386
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8487
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3846
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)