A spendthrift trust is a trust in which the person who makes the trust and places property or assets in it (the grantor, settlor, or trustor) includes a provision that prohibits the beneficiary’s interest in the trust from being assigned to another person or entity—whether as a gift or as collateral for a loan or debt—and prevents a creditor from reaching or attaching the beneficiary’s interest in the trust.

A spendthrift is a person who spends money wastefully or foolishly and a spendthrift provision in a trust (a spendthrift trust) is designed to preserve the trust’s assets and protect the beneficiary from the beneficiary’s spendthrift ways.

In Oklahoma, a spendthrift trust is a legal tool that allows a grantor to place assets in a trust with specific provisions that prevent the beneficiary from squandering the trust's assets. These provisions restrict the beneficiary's ability to transfer their interest in the trust, whether voluntarily or involuntarily, and protect the trust's assets from the claims of the beneficiary's creditors. Under Oklahoma law, spendthrift provisions are generally enforceable. However, there are exceptions where creditors may be able to breach such provisions, such as claims for child support, alimony, or services provided to protect the beneficiary's interest in the trust. It's important to note that while spendthrift trusts can offer protection against a beneficiary's imprudent spending and creditors, they must be properly structured to comply with state law and to ensure their effectiveness.