What is the purpose of a trust fund?

Question

My parents just let me know that they set up a trust fund for me. They didn't really explain what happens and when I get the money.

Can somebody explain it to me please?

Answer 1

Tax avoidance and asset management in protection from a spendthrift.

Answer 2

Purpose of a trust fund in your case may be:-

1)To establish supervision of  assets in case one is unable to personally look after the same

2)To provide for minors, who might not have  the financial experience  to properly administer the assets