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 ?
I am more concerned that Scottish voters have moved from a spendthrift Labour Party to the spendthrift 'Scottish' party, which proves some consistency, even if still inconsistent with the traditional image of the frugal Scots.
A radio ad was launched in Boston highlighting spendthrift Massachusetts hospital CEOs stashing millions in offshore accounts in the Cayman Islands and creating excessive compensation packages for themselves, reports Caribbean News Now (June 12, 2014).
According to the Mirror, Wenger has faced accusations all summer long that he is spendthrift, afraid to spend money and has bungled their transfer window after missing out on a string of big-name targets such as Luis Suarez and Gonzalo Higuain.
Talking to media here on Friday, he said that Balochistan is a backward province which cannot bear spendthrift therefore the caretaker provincial cabinet shall be short, consisting of non-political and neutral people.
This article explores discretionary and spendthrift trusts under the Florida Trust Code.
Come on Mr Pickles, get stuck into these spendthrift councils and get their hands out of our pockets for a change.
95), McNeal describes the trials and triumphs she experienced while turning from her spendthrift ways to live a frugal lifestyle.
A spendthrift provision is a provision in a trust agreement that states that the beneficiary cannot sell, pledge or encumber his beneficial interest, and that a creditor cannot attach a beneficiary's interest.
Trichet said that European nations need to restrict their spendthrift ways and urged nations to control debt to stimulate economic growth.
DR, Gateshead SO how can New Labour erase the spendthrift gene from their DNA?
What's needed is a fiscally conservative majority in Washington, capable of and willing to check a spendthrift administration.
Spendthrift managers at Birmingham City Council launched the ironically titled BEST scheme to 'strengthen the psychological contract' with staff.