Having two common estate planning documents with “Will” in the name is not ideal. A lot of confusion has been caused by the similar names of “Last Will and Testament” and “Living Will.” While they sound similar, they accomplish very different purposes.
Last Will and Testament – A Last Will and Testament (often referred to simply as a “Will”) is the estate planning tool that 1) distributes your assets at the time of your death, and 2) appoints the executor to be in charge of your estate. Its purpose is focused on your assets.
Living Will – A Living Will declares your intentions regarding the use of life-sustaining medical interventions if you are ever in a terminal condition. If you have decided that you do not want to be kept alive by machinery if it has ever been determined that your condition is terminal, then you will want a Living Will to memorialize those intentions.