A Last Will and Testament and a Living Will are different instruments with different purposes—a will details whom you want to inherit your assets after your death. A will can also designate a guardian for your minor children. A living will is a legal document that lets you specify your healthcare preferences if you become incapacitated. A living will covers your preferences regarding ventilators, feeding tubes, resuscitation orders, and much more. A living will is also known as an Advance Healthcare Directive.