Spendthrift

Someone who is not to be trusted with large sums of money. Most trusts contain a clause preventing the beneficiaries from assigning their trust interest, or creditors from seizing the funds from the trust for their foolish debts.

A person who by excessive drinking, gaming, idleness or debauchery of any kind, shall so spend, waste, or lessen his estate as to expose himself or his family to want or suffering, or expose the town to charge or expense, for support of himself or family.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.

TRUST, SPENDTHRIFT - A trust designed to keep money out of the hands of creditors. Often established to protect someone who is incapable of managing his or her financial affairs.