Your Last Will states how you want your assets to be distributed among your heirs upon your death. This can also include whom you would designate as a guardian for you minor children once incapable. Without specifying this information in an official signed document, the State will distribute your property as THEY see fit.
What is placed into your living trust can be altered throughout your lifetime, and upon your passing, will be transferred to whomever you appoint as a Trustee. With a Living Trust, you will maintain privacy of your asset distribution and avoid the costs of probate court.