A Living Will is also known as “Testament”. It is a process where a person can distribute his property among his loved ones which can help them in future after the death of the owner or property holder. The word Living Will applies to both personal and real property. If no one takes care of your property after your demise or in some cases it can also be handed to an unreliable person after your death. Therefore you need to select an appropriate person who is capable of being a new owner.
In simple language the Living Will is made by the owner of a property in which he can give the authority to another person to hold the ownership after previous owner dies.