A trust fund is a legal entity that holds assets for the benefit of another person or organization. The trustee, who manages the trust, is typically appointed by the person who establishes the trust (the grantor) and must act in accordance with the terms of the trust. Trust funds are often used to provide financial security for beneficiaries, such as children or grandchildren, and can be set up to provide for specific needs, such as education or health care and many others. (see below: Type of Trust Funds and Uses for trust funds).