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1.
A young person whose parents are wealthy and have set up a trust for their son or daughter. The trust fund ensures that the child will be taken care of financially for life.
That guy is a trust fund baby. Since he doesn't need to work, he's just going to law school to pass the time and to learn how to protect his inheritance when the time comes.
by Jack654 October 04, 2006
 
2.
A child or young adult that are considered widely privileged and wealthy, due to the fact that all their expenses are paid for by their parents.
Friend: Man, how can she afford that nice car without a job?

You: She's a trust fund baby, dude. Her parents probably paid for the car AND the insurance.
by Kelly Naomi C. August 17, 2010
 
3.
one who lives off their parents
that jerry todd's parents pay for everything and he doesn't do shit. he's such a trust fund baby.
by dislocatedelbows May 25, 2003