how do trust funds work 
a trust fund is a legal entity that holds property and assets and can provide financial tax and legal protections a grantor sets it up and funds it with money or assets one or more beneficiaries receive the assets under specified terms the trustee manages the trust and distributes its assets at a prescribed time the trustee is in charge of managing the assets in an irrevocable trust while the grantor is still alive the trustee can pass the assets on to the beneficiary or beneficiaries per the grantor s instructions after the grantor s death under the trust terms that the grantor has set grantors often act as trustees of their revocable trusts they name successor trustees to take over management and dissolution of the trust when they die 