Wills and Trusts

Will: an instrument by which a person makes disposition of his or her real and personal property, to take effect after his or her death, and which by its own nature is revocable during his or her lifetime. 

Trust: a legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument.   Any arrangement whereby property is transferred with the intention that it be administered by a trustee for another’s benefit.