I am very much a layman when it comes to this kind of stuff, but I will give it a whirl…
As I understand it, a trust fund is kinda like incorporating yourself. Your inheritance taxes are lower and people have a harder time trying to weasel the money. I have what is called a “living trust”, that means I can take stuff out and put stuff in as I see fit. Right now, I have all my US bank accounts and mutual funds, my Civil War document collection, the leather pea jacket of the commander from the only German sub captured by the US in WW1, and some 17th century documents. So, a trust fund is not only about money, it can also cover property. Once I die, it is no longer a “living trust”; whatever I have in the trust is locked in. My wife can always put more stuff in, of course. A trust basically lets me decide who, when, and how my estate is to be divided…muscled up version of a will so to speak.
I set up my trust to do two things. 1.) to pay for tuition for my boys higher education and 2.) they get all the rest when they reach the age of 40. I did not want them to get the dosh at an early age because we all know what young men do when they have a lot of money…they buy expensive cars so that they can go a’drinkin and a’whorin At 40 years of age, they will most likely spend the money on their kids, house payments, etc…
My sister is in charge of the trust while my brother would have custody of the boys (if my wife and I eat it at the same time). This involves a lot of trust, but my sister is the most trustworthy person I know.
The cost of the will, PoA, and trust ran me about $3,000USD. These documents do not cover my stuff in Taiwan.
Hope this helps.