A trust fund is a legal arrangement where assets, such as money or property, are held and managed by a third party, known as a trustee, for the benefit of specific individuals or organizations, called beneficiaries. Trust funds are often established to provide financial support for children, family members, or charitable causes, ensuring that the assets are used according to the wishes of the person who created the trust, known as the grantor. Trust funds can be set up in various ways, including revocable trusts, which can be changed or dissolved by the grantor, and irrevocable trusts, which cannot be altered once established. They can also serve different purposes, such as providing for education, healthcare, or general living expenses, making them a versatile financial tool for estate planning and wealth management.