The names sound similar, but the documents work at different moments. A living will concerns your interests during your lifetime. An ordinary will determines what happens to your estate after your death.
The living will
In a living will, you can appoint a representative for situations in which you can no longer make certain decisions yourself. Think of banking, managing a home and personal or medical wishes. You can set limits on the power of attorney and record who supervises. The document ends at death; the representative does not automatically become executor.
The will
In a will, prepared by a notary, you record who your heirs are, what you want to leave and who manages the estate after your death. You can appoint an executor, include a legacy or arrange the position of a partner or stepchild. After death, both the law and the actual contents of the will matter.
Many people need both documents. A will does not determine who acts for you during life if you can no longer decide. A living will does not determine who inherits your assets after death.
The Inheritance Guide helps put your situation and wishes in order before you speak with a notary.