On the most basic level, a Will is a written document, usually prepared with the assistence of an attorney, in which an individual (the testator) provides instructions for what is to be done with his or her property after death. It may also may an executer of the will and include provisions regarding the guardianship of children. The term "Last Will and Testament" is simply a more complicated name for a Will.
In order for the will to be legal, it must:
The witnesses must watch the signing of the will and they must not be people who inherit anything under the will.