A Last Will and Testament only takes care of your stuff (your assets). A Living Will only takes care of your self (your health care). Having either one of these documents is good — it's better than nothing! But having both (or otherwise addressing both sides of estate planning) is better.

What is the difference between a will and living will?

The basic difference between a will and a living will is the time when it is executed. A will takes legal effect upon death. A living will, on the other hand, gives instructions to your family and doctors about what medical treatment you do and don't wish to have, should you become incapacitated.

Is it better to have a will or a trust?

What is Better, a Will, or a Trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate. However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance.