Wills, Trusts, and Estates

Self-Settled Asset Protection Trust

A self-settled asset protection trust is a spendthrift trust made in accordance with a statute for the settlor's own benefit used to protect assets from creditors.

Traditionally, as in UTC § 505, a trust for one's own benefit does not offer asset protection.

Now, 19 states, including Virginia, have allowed self-settled asset protection trusts because otherwise people will just get them in the Cook Islands instead.

View Which States Allow Self-Settled Asset Protection Trusts