Despite its name, the purpose of a spendthrift trust isn’t just to protect profligate heirs from themselves. Even the most financially responsible heirs can be exposed to frivolous lawsuits or unscrupulous creditors. A properly designed spendthrift trust can safeguard assets against such attacks. A variety of trusts can include this protection. It’s just a matter of including a spendthrift clause, which restricts a beneficiary’s ability to assign or transfer his or her interest in the trust and restricts the rights of creditors to reach the trust assets.