A will is a legal document that allows people to express their wishes posthumously for how their property should be managed and distributed after their death.
A trust fund is a legal arrangements that allow individuals to place assets in a special account to benefit another person or entity. Trust funds often require the assistance of a professional to set up, though there are online tools for the do-it-yourselfer.
Both entities can designate the CFO as a beneficiary of all or part of the assets and may help to reduce federal estate taxes. They can also be changed at anytime.