Take the squabbling between siblings you've had to endure and referee as a parent. Now multiply it times age and money. That might give you some idea of the need to make your final wishes clear when the time comes to divvy up your assets.

No matter how well a family gets along, the process of settling an estate can be trick or messy -- especially if there are large sums at stake. This makes it critical that your instructions are clear, and it's usually smart to make your plans long before they need to be set in motion. Two of the most popular ways to settle your estate are through either a will or a living trust.

A will is also called your last will and testament. It instructs the executor of your estate how to distribute any assets to your beneficiaries after your death. It's typically a simple legal document when compared with a trust.

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Source Fool.com