A living will is a document that provides instructions for your care to your health care professionals and people managing affairs for you if you are still alive and unable to communicate your wishes upon your incapacitation. A living will is also known as an advance directive.
A last will and testament is a document that provides your instructions for what happens to your estate after your death. It appoints a representative of your choice to distribute your assets according to your wishes and is subject to probate proceedings (court). Most importantly, you can nominate guardians for your minor children in your will.