set up a trust fund

A "trust fund" is a kind of financial account that you can create. It keeps money safe for someone and pays money out to them according to certain rules. A lot of wealthy parents create trust funds for their children, so that the children will have money but won't be able to spend it all immediately.

To describe someone creating a trust fund, use the phrasal verb "set up":

My folks set up a trust fund for me back in the 1980's.

You can also use "set up" for:

  • starting a company
  • organizing a meeting
  • making an appointment

This phrase appears in these lessons: