How to create a will for your personal estate. Establish a living will.

Last Will and Testament - Learn how to create a will for your estate with no fees, plus free advice about establishing a living will.

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Usually any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and memory, can make a will." Your state may impose additional requirements to make a will.

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Don't burden your estate will unpaid bills...

What good is it to create a will if assets must be used to pay off creditors?

Personal Debt Settlement

If you have no apparent heirs and die without a will (intestate), it's possible the state may claim your estate. If you have young children, it's especially important to make a will to designate a guardian in the event of your death. Without a will, the court will appoint a guardian for your children. When you make a will include:

-Your name and place of residence

-A brief description of your assets

-Names: spouse, children, beneficiaries, charities or friends

-Alternate beneficiaries, in the event a beneficiary dies before you

-Specific gifts, such as an auto or residence

-Establishment of trusts, if desired

-Cancellation of debts owed to you, if desired

-Name of an executor to manage the estate

-Name of a guardian for minor children

-Name of an alternative guardian

-Your signature

-Witnesses' signatures

An executor is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, an adult child, a relative, a friend, a trust company or an attorney to fulfill this duty. You should expect your estate to pay an independent executor for this service. If no executor is named in a will, a probate judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in a person's estate. The executor files the will in probate court, where a judge decides if the will is valid. For valid wills, assets are distributed according to the will. If the will is found to be invalid, assets are distributed in accordance with state laws.

Responsibilities usually undertaken by an executor include:

-Paying valid creditors

-Paying taxes

-Notifying Social Security, other agencies and companies of death

-Canceling credit cards, magazine subscriptions, etc.

-Distributing assets according to the will

Preparing a will

Start by organizing what you need: outline your objectives, inventory your assets, estimate your outstanding debts and prepare a list of family members and other beneficiaries. Use this information to carefully consider how you want to distribute your assets. Ask yourself lots of questions: Is it important to pass my property to my heirs in the most tax-efficient manner? Do I need to establish a trust to provide for my spouse or other beneficiaries? How much money will my grandchild need for college? Do I need to provide for a child who has a disability?

Taking inventory of the assets may be the key when you make a will. Any items not specifically mentioned may be addressed in a catchall clause of your will called a residuary clause, which generally states, "I give the remainder of my estate to ..." Without this clause, items not specifically mentioned will be distributed in accordance with state law.

Outstanding debts usually will be paid by your estate before your beneficiaries receive their shares. You may want to clear up debts that you know will be a problem, or make specific provisions for payment of those debts in your will.

Remember to be specific and clear when naming beneficiaries. For example, state the person's full name as well as his/her relationship to you (child, cousin, friend, etc.) so your executor will know exactly who you mean. Clarity also helps prevent challenges to your will.

States require you to sign the will in front of witnesses. A witness should not be a beneficiary under the will. Only one copy should be signed.

You'll probably need to update your will several times during the course of your life. For example, a change in marital status, the birth of a child or a move to a new state should all prompt a review of your will. You can update your will by amending it by way of a codicil or by drawing up a new one. Generally, people choose to issue a new will that supersedes the old document. Be sure to sign the new will and have it witnessed, then destroy the old one.

What is a living will?

A living will is not a part of your estate will. It is a separate document that lets your family members know what type of care you do or don't want to receive should you become terminally ill or permanently unconscious. It becomes effective only when you cannot express your wishes yourself. If your state recognizes a power of attorney for health care, have one executed to authorize someone to act in accordance with your present intentions.

Discuss your wishes as reflected in your living will with family members, and be sure they have a signed copy.

Personal Credit and Money Management is Important: It can be extremely difficult when being in debt becomes a problem. Yet, credit counseling has proved to be beneficial for millions of people having to face debt issues. The first sign there could be a problem, is rejections when seeking credit. Lenders will view their applicant's credit status before approving any loans, and if credit is not good, they reject the applicant.

Credit counseling has helped people who have been unable to pay all their bills, and who have exhausted all means to solve their problems without professional help. Counselors can train people how to spend responsibly, even when using credit cards, and how to manage debts that have been owed far too long.

Lending institutions do not like to get missed or late payments. Just like people expect to get their paycheck, creditors like for their customers to pay their bill on time. People often get into money problems when they carry too many credit cards and they over-spend, thus ending up with high card balances. When they ignore the bills, late fees and higher interest rates could be added which leads to being more in debt.

A credit counselor may be able to help people who are in debt, by reviewing their finances. They can figure out how much a person owes and analyze some spending habits that are causing bills to go unpaid. Along with this, they figure the net income and expenses, and work out a plan for an affordable monthly payment. They are able to educate clients about how to manage their finances productively.

Counselors may recommend negotiating with creditors for revised repayment options, or to consider credit consolidation. They know the types of available solutions, because they are experts at what they d, and they are very knowledgeable in their area. They are good at explaining credit report scores and the types of credit inquiries that appear on the report. They can give valuable tips on how to repair credit and financial tools to use to rebuild scores. When all options have failed, credit counseling programs may be a resource to use to get debts under control

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Chapter 13 Bankruptcy Filing Information and Procedure

A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause." (1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts.

Government Home Owner Assistance

Government Home Owner Assistance - Struggling Home Owners Could Benefit from FHA and HAMP Plan

What Is A Debt Management Plan

Learn what is a debt management plan (DMP) so you'll know if it or debt settlement is best for getting bills under control. Download our free budget tools and expense tracking software.

Debt Management Plan Advice

Review our free debt management plan advice. In a DMP, you deposit money each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they’ve worked out with you and your creditors.

Bad Budget Blues

When your budget plan fails. Budgets are great but they can be just as difficult to follow as a diet plan.

Savings Plan Retirement Pension

Defined Benefit Pension Plan: This plan is also know as a traditional plan where an employer puts money aside for you. The amount received at retirement depends on how long you worked for the company and how much you earned. Benefits are usually guaranteed and paid when retirement age is reached and you no longer work.

More Easily Understand Credit Card Agreements

ConsumerFinance.gov developed a shorter, simpler credit card agreement that spells out the terms for the consumer. Note that this is not a model form, and use is not mandatory. This simplified approach will help consumers better understand their credit card agreements.

Auto Financing Loan Terms

Learn auto financing jargon and terms used by auto loan lenders and car dealerships.

Online auto loans better than car dealerships

Online auto loan is better than a car dealership loan, and can help you avoid financing scams.

Auto Refinancing Lower Payments

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How to create a Will for your personal estate.