A form of joint ownership only between husbands and wives. Owning an asset as tenants by the entireties can be an effective form of asset protection against creditors.
Basically, in order for a Last Will and Testament to be valid, the person making it must not be pressured (unduly influenced), not make a mistake in the Will, and they must have testamentary capacity. This describes the mental or cognitive ability to make a Last Will and Testament, durable powers of attorney, or various other estate planning documents. Essentially, if a person knows who their family members are and the relationships, generally what assets they own, and generally they can explain what the estate plan documents accomplish, they are more likely to be considered having testamentary capacity.
This is really an agreement between a Grantor and a Trustee. In the agreement, the Grantor transfers asset titles to the trust and provides instructions on how those assets are to be managed; the Trustee agrees to manage the assets the way the agreement states. The Trust Agreement will provide terms and conditions on a beneficiary’s use (e.g., for education).