What is a Last Will & Testament?
A will (Last Will & Testament) is simply a statement or a “testimonial” of one’s intent regarding the disposition of his assets that is to occur upon his death. It is not a contract, and it therefore cannot be binding on anyone. A will can also create a “trust” in the meaning that it can appoint a trustee to hold (probated) assets for the benefit of another. This type of trust is called a “testamentary trust” and it is always funded only with probate assets.
