Spendthrift


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Related to Spendthrift: spendthrift trust, Spendthrift clause

Spendthrift

One who spends money profusely and improvidently, thereby wasting his or her estate.

Under various statutes, a spendthrift is a person who wastes or reduces her estate through excessive drinking, gambling, idleness, or debauchery in a manner that exposes that individual or her family to indigence or suffering or who exposes the government to expense for the support of that person or her family.

When authorized by law, a guardian can manage a spendthrift's property. The purpose of the guardianship is to protect the ward and her property from her wasteful habits. Statutes that provide for the guardianship of spendthrifts are based on the right of the government to protect the property of its citizens for the benefit of themselves and their families and the community.

Cross-references

Spendthrift Trust.

See: improvident, prodigal, profligate, profuse

SPENDTHRIFT. By the Rev. Stat. of Vermont, tit. 16, c. 65, s. 9, spendthrift is defined to be a person who by excessive drinking) gaming, idleness or debauchery of any kind, shall so spend, waste, or lessen his estate as to expose himself or his family to want or suffering, or expose the town to charge or expense, for support of himself or family.

References in periodicals archive ?
7) For example, in the United States, as a matter of public policy, a trust's spendthrift provision was traditionally void with respect to the settlor's creditors where the settlor was also a beneficiary.
Spendthrift Trusts--Florida law recognizes the validity of spendthrift trusts.
A beneficiary of discretionary DILITs does not need to rely on a spendthrift provision because neither the current distribution interest nor any subsequent interest is a property interest under state law.
Sensing an opportunity, in the late 1990s Alaska adopted the first laws in the United States providing for self-settled spendthrift trusts.
While that is not crystal clear, the notion that tightwads and spendthrifts have trouble managing a household together makes perfectly good intuitive sense.
We live in an atrociously spendthrift society, where people do not know the difference between what they need and what they want and what they "must have".
People don't remember being consulted on having their pension pots raided by a spendthrift Chancellor and they certainly don't recall being asked if they wanted the lawless society we have today.
If you have a child who has made some bad choices and has a special problem that upsets you, such as being a spendthrift or using drugs, see your attorney.
Spendthrift Assembly Government bosses, meanwhile, would do well to learn from their colleagues at Llandysul Community Council in Ceredigion.
Things are going to get much worse before they get better, but at least the new accounting rules will force our spendthrift representatives to confront fiscal reality and start working on solutions.
With cuts threatened across a range of council services, this type of cavalier use of taxpayers' money shows an insensitive and spendthrift disdain which cannot be justified.
As Veronique de Rugy's story on "The Federal Budget's Long Emergency" (page 44) explains, the COP majority has taken to hiding its spendthrift ways through the innovative use of "supplemental" and "emergency" appropriation bills, which don't require the same sort of disclosure and discussion as regular legislation.