What is a Will? It is an instrument, executed with the formalities required by law, whereby a person makes a disposition of his property to take effect after his death. What is a Trust? It is a legal arrangement that gives a person or a group of people the right to hold and manage specific assets. Indiana lists formal requirements. … I'll be speaking about this and related topics to attorneys at a legal seminar in northeast Indiana on December 14 at the Fort Wayne Marriott.