No, what we usually refer to as a will is actually a Last Will and Testament. A Last Will and Testament goes into effect after you dies and specifies who you want to get your money and things. Last Will and Testaments are usually what are ready in books and movies when a person dies and everyone gathers to see if they are going to get the fortune.

A living will on the other hand, covers end of life care such as if you want a feeding tube if you are in a coma or do not wanted to be resuscitated if you have a terminal condition and lose consciousness.

A trust and a last will and testament are similar in that they both tell the world who (your beneficiaries) you want to get your money and things (assets) when you die. A trust however allows your beneficiaries to skip the court process of having your will validated. Assets described in a trust can be distributed without involving the court system which makes life quicker and easier for your family.

Yes, you really need a will or a trust. Most people don't think they need an estate plan because they are not the rich woman in the movies who leaves everything to the cats instead of the butler. But in reality, most everyone needs an estate plan so their families can close bank accounts on their behalf, sell houses, and give away sentimental items to those who you wanted to have the items without the hassle of probate court or the conflict of your nieces fighting over jewelry and bedroom furniture.

You need to nominate guardians in a will to get a say in who raises your kids if you are unable to due to illness or death.

The best way to make sure your kids are taken care when you leave them with a caretaker is to have a medical POA naming the caregiver as someone who can make medical decisions for them on your behalf.