Distance = Time, Light Years = Years ago?

I'm wondering if Lightyears = both time and distance, in case, I want to know if for example I look up into the sky and see a star go out/dull out into nothing and that star was 20 light years away. Now light being the fastest thing and all, representing what we see, would that mean I'm seeing something that happened 20 years ago? but has only just gotten to me? I know the sun itself takes 8 minutes for us to see but other things out there?