Your Will is a legal document in which you give instructions to be carried out after your death. For example, you may direct the distribution of your assets (money and property) and give your choice of guardians for your minor children. Your Will may be changed during your lifetime and becomes irrevocable at your death.
A Will does not cover everything that you own. A Will affects only guardianship and distribution of assets that are titled in your name at your death. Those assets that are not affected by your will include:
LIFE INSURANCE - The cash proceeds from an insurance policy on your life are paid to whomever you have designated as the beneficiary of your policy in a form filed with your insurance company.
RETIREMENT PLANS - Assets held in retirement plans, such as a 401(k) or an IRA, are transferred to whomever you have named as a beneficiary in the plan documents - no matter who the beneficiaries under your Will may be.
ASSETS OWNED JOINTLY- Assets such as real estate, automobiles, bank accounts and stock accounts that are held in joint tenancy with right of survivorship will pass to the surviving joint tenant upon your death.
TRANSFER ON DEATH or PAY ON DEATH - Certain securities and brokerage accounts include a designation of one or more beneficiaries to receive the assets in that account when the account owner dies.
TRUSTS - Generally, assets held in a revocable trust are distributed according to the instructions in the trust regardless of the instructions in your will - with no need for court supervision or any probate proceeding. You can name yourself as the initial trustee of your trust and then name a successor trustee to manage the trust if you are unable to do so.

A Trust is a written contract executed by the grantor (the person who creates the trust) and delivered to the trustee (the person who is in charge of carrying out the terms of the trust; usually the same person as the grantor), which is made for the benefit of a group of people (your beneficiaries). A Living Trust is called "living" because it is created and takes effect while you are alive. Some people create "testamentary trusts" which take effect upon death.
THE DIFFERENCE BETWEEN TRUSTS AND WILLS - A revocable trust is just like a will, but is merely administered differently upon your death. While you are alive, you will still own all of your property, and may do whatever you want with it. The most important difference between a will and a living trust is that your trust must be "funded" with your property in order to avoid probate. (after death court proceeding).

Every person should have a Will and a document known as a Medical Directive or Living Will indicating your wishes regarding various types of medical treatments such as resuscitation and artificial feedings. This document will also appoint someone to make medical decisions on your behalf should you become unable to make them on your own.