A trust fund is a legal arrangement where assets, such as money or property, are held and managed by a trustee for the benefit of a specific person or group, known as beneficiaries. The trust is created by a grantor, who decides how the assets should be distributed and under what conditions. Trust funds can be used for various purposes, including education, healthcare, or general support. Trust funds offer several advantages, such as protecting assets from taxes and creditors, ensuring that funds are used according to the grantor's wishes, and providing financial security for beneficiaries. They can be established during a person's lifetime or through a will after their death, making them a flexible estate planning tool.