Several of these other definitions listed are correct as the word has fallen into more generalized usage, but the true origins of the word are as follows.

The word originates from "rastafarian", and denotes an extremely caucasian person, dreadlocked and trustfunded by their wealthy family; listen to reggae almost exclusively, pretend to follow the Rastafarian religion, for some reason worship the former leader of Ethiopia, Haile Sellassie I, and say things like "Roots!" and "Bup bup!" loudly across streets and alleys to the others of their species. They exist in a cloud of ganga smoke and a bleary, red eyed, dull demeanor; have little to say other than the regurgitated faux black guy verbage they spew. They affect the mannerisms, accent, and dialect of Jamaicans;wear the colors of the Rastafarian, red, gold, and green as well as hippie clothing made from kente cloth; the irony of the whole persona is beyond belief.

This odd affectation could possiby be a result of embarassment of one's true culture, which necessitated the hijacking of someone else's.

This persona could be viewed in abundance in the mountain town of Telluride, Colorado in the mid-90's, before they all cut their hair and became realtors and business owners. Their fake accents magically disappeared.
Trustafarian: Yo, man, Irie Ites! (tranlation, Hello Mister Real Live Black Man! Gosh darn, that's some good looking alkalizing organic vegan food you're about to consume!!!)

Actual Rastafarian: Fuck you rich white boy! What the fuck is wrong with you!!!???!!!
by VanadiamElerdville November 4, 2009
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"trust" as in "Daddy sends me money--why work?"

Natty dread-locked white people who tend to drive Toyota Landcruisers, shop at cooperitve supermarkets, and smell of pachouli--common in northern California.
by earl chudwaggle September 25, 2002
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People who live off a trust fund and regularily smoke all of your pot
That be a trustifarian
by informed_student July 11, 2003
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rich coed who doesn't work, just smokes lots of weed and drinks upper level beer.

and lives on a trustfund.

aspiring to be a hippy without doing any of hippy-type stuff, except drugs.
by ssorcnor December 10, 2003
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A student at a selective liberal arts college (ie Colorado College, Reed, Lewis and Clark, etc)
Trustafarian: John Francis Drake drives an Audi A6 and lives off his parents' stock options, but calls himself Marley, wears dreads and eats ramen.
by akgrown88 April 1, 2009
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It's a little more elegant now. modern, 30-ish trustafarians are spending January in Jaipur with wealthy, titled euros and spending tons of money on Burmese laquerware. If you smell a mixture of orange blossom and body odor in the air, look for rumpled Italian shirts and shoddy khakis under a navy Blazer.You might want to check at the bar at The Strand Hotel in Rangoon.
My ex. Coke heir, hops artound the world with one small bag.
by Burt April 22, 2004
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a trust-fund fuck that pretends to be a hippie. Fuck all you fuckers, Schlags made this up in '90.
That trustafarian at Hobart drove away in his dad's Porshe with his dreadlocks
by shocakrafan August 19, 2007
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