Any will or conveyance by which any real or personal estate may be directed to be sold or converted into money, and the proceeds paid over to the state, or the Treasurer thereof, in trust for any insane person, and any will bequeathing or deed conveying any money to this state or the people thereof, in trust for any insane person or poor person, is hereby declared to be legal and valid, as to such trust, and the trust so reposed and declared shall be accepted subject to the conditions, restrictions and limitations contained in this act.¹ No trust shall be accepted under this act unless the monies so bequeathed, or the proceeds of sale of real or personal estate so devised, bequeathed or conveyed shall amount to at least One Hundred Dollars ($100.00).