Sunday, June 14, 2015

Florida Spendthrift Trusts

Florida common law and statutes recognize the validity of spendthrift trusts. A spendthrift trust is a type of trust that is created with the intention of providing a fund for the maintenance of another and at the same time securing it against the person's own improvidence or incapacity for self-protection.

A valid spendthrift clause prevents the beneficiary of the trust from transferring his interest in the trust as well as prevents creditors from reaching any of the trust's funds until they are dispersed to the trust beneficiary.