Spendthrift Clause Legal Meaning and Definition

Here is a simplified definition of the legal term Spendthrift Clause.

Spendthrift Clause (noun): A spendthrift clause is a rule stated in a will that protects the property or assets given in the will from being taken, sold, or otherwise used ahead of time by the person set to receive those items (beneficiary). This clause prevents the person inheriting the property from selling or making a deal on the property before they officially own it. Even if a deal is made, the buyer cannot claim the property when the will is 'effected', or put into action. This clause helps ensure that the assets are passed on as intended by the person who created the will.