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.

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 ?
The Restatement Second distinguishes discretionary trusts from spendthrift trusts as follows:
Given this environment, it is likely that the courts in these states will continue to issue judgments that provide creditors access to the assets in out-of-state trusts, despite spendthrift clauses (i.e., DAPT states must recognize other state's judgments under the Full Faith and Credit clause of the U.S.
"A spendthrift trust refers to the fact that the beneficiary would be likely to squander and run through the money foolishly," Haught said.
IT IS NOT UNCOMMON for boomers to ask their financial advisor for help in dealing with spendthrift loved ones or business partners.
She presents Lee's worthwhile accomplishments in shining terms but also devotes time to discuss his womanizing, his sexism, and his spendthrift nature.
designed to function in a manner 'analogous' to a spendthrift trust" could be excluded from the bankruptcy estate, holding instead "only an interest in a trust can be the subject of an enforceable transfer restriction within the meaning of 11 U.S.C.
The militant Left with their ruinous spendthrift policies, let the Liberal Party in to control Liverpool City Council.
(In any event, according to modern investment theory, it is not sensible to maintain a hard and fast distinction between income and capital.) Perhaps the most striking example of this trend, in these books, is in the suggested drafting of protective or spendthrift trusts.
Britain's proportion is, for instance, 39.8%, and the UK is a complete spendthrift compared with Luxembourg (5.4%) and Estonia (5.3%).
Although formal divorce was almost impossible to obtain until the late nineteenth century, the law of separate property facilitated informal separations from abusive or spendthrift husbands, and ameliorated women's subordination in the family.
This put the family friend in a position to control future distributions of income from the LLC, an important layer of protection against the improvidence of spendthrift heirs.