Material Summary Trusts
Storyboard Text
- Papa always told me he would set me up a trust, so I couldn't spend all the money on a game-used bobsled from the 1924 Winter Olympics like I did when Mom died the credit card company can't take the money he's giving me for the bobsled I already owe on.
- That's right, your father has set up a spendthrift trust. Whch means, you can't assign your trust interest to someone else, even by accident, and creditors can't access your right to recieve payments from the trsut.
- While I'm sorry to hear of your father's passing, we need to discuss the details of his estate and the plans he made for you.
- *LAUGHS IN DEBT COLLECTION*"Yeah we're gonna take that money."
- KNOCK KNOCK KNOCK"We are here to reposess your property and confiscate any cash you have on hand for non-payment of credit card bills.
- HA! You can't take my money because it all came from the spendthrift trust my father made for ME!
- Boy I'm glad BigCreditBank can't take my trust property, these bills are getting HUGE. I'll just sit on this pile of cash the trustee gave me on Monday.
- INCONCEIVABLE!
- YOU SAID THE CREDIT CARD COMPANY COULDN'T TAKE MY MONEY FROM THE TRUST?! IM SUING YOU FOR MALPRACTICE!
- Noooooo, I said they couldn't touch your right to trust property. Once the property has been given or distributed to you, its fair game, its just like any other asset you have.
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