What is a spendthrift trust?

A spendthrift trust protects a beneficiary's inheritance from their own poor money habits and from creditors. The trustee controls the payments, so the beneficiary can't blow through the whole sum at once or have it seized to satisfy debts. It's a good fit when you want to provide for someone who struggles with spending, gambling, or managing money. The protection generally applies only while the assets remain in the trust.