What exactly is a trust-fund baby?

the fool on the hill asked: I know it means the parents set up some kind of financial aid for the child, but what does it entail?

setting up a trust fund for minors with life insurance money?

emeraldsnewlife asked: my father has drawn up a will and he is leaving me as his executive to his estate. he has three other children right now that are all under the age of 13. (god forbid) but if something would happen to my father tomarrow how would i go about setting up trusts [...]