No: If you have all your property in joint ownership with the person you wish to inherit the property after your death, then a will is not necessary. If you have the intended recipient of the asset as the beneficiary of the asset, then a will is not necessary. If however you have assets that are assigned to your estate after death, you need to have a will to ensure your property goes where you want it to or it may go to folks you did not intend it to go to or it may go to the state!

Anyone with property or assets: A will is a good way of keeping track of your assets and how they are to be disposed after your death. If you change your mind about the disposal of any item, that change should be made in your will and on the asset in a beneficiary is listed on the asset. A will is also the fastest and easiest way to bring closure after your death.

You can do it yourself: Once you are clear on what assets you own and how you want them distributed after your death, you can prepare your will yourself in clear precise language then sign it in the presence of two witnesses who can attest to your being of sound mind and who must sign as having witnesses your signing. The witnesses must not be beneficiaries in your will. There are a number of other publicly available stipulations to be followed in the preparation of a will. Once these are followed you will have a valid will. Alternatively, you can have an Attorney prepare your will for you. The cost for this service is usually a percentage of the value of your estate i.e. the property you have to distribute.

Anytime before you die: Since we do not know when death will occur, it is a good idea to prepare a will once you have assets whether assigned (to a beneficiary) or not. Once you start contributing to a pension plan, it is a good time to contemplate the preparation of a will. Otherwise once you start accumulating assets, a will becomes essential.

Everything of value including your organs. Your will could contain all your assets such as:

• Real estate
• Jewelry
• Paintings
• Money in financial institutions
• Time Sharing property
• Stocks & Bonds or options
• Bills of exchange
• Livestock and other farming property
• Interest in any asset, company, prospectus
• Endowment policies
• Assignment of your pet parrot, china and other possessions
• Organs to be donated for research or other use

Your next of kin will have to engage a lawyer to initiate the process of getting letters of administration. This process takes some time (three months and longer). After this is completed that individual can start managing your assets. Even before the letters of administration are processed, those assets that have beneficiaries assigned to them as well as those that were held jointly with someone else will be distributed to the beneficiaries and joint owners will become owners of the shares which previously belonged to the deceased.

If you engage an attorney to prepare your will, the cost is apt to be a per cent of the value of the property you have in the will. If you want to keep your cost down, you can exclude those items that you have already assigned beneficiaries to and you can exclude those accounts and facilities that you have joint with your intended beneficiary.

A will can be a relatively inexpensive tool in your financial tool-kit which keeps you informed of your assets. It is better to have a will as it simplifies the process distributing your assets after your death as it passes your wealth to the next generation whom you hope would add to it for the next generation. If you have several assets that are not included in your will, it is advisable to have a complete list of your assets attached to your will in a safe, dry place.

• Credit Limit:
  Your credit limit is the maximum cash value assigned to the card by the bank. This credit limit can be for cash advances or to make purchases.
• Balance
  The balance on your credit card is the amount of credit that you have used. It is the total of your cash advances, purchases and may include credit card fees. The higher your credit card balance, the less credit you have available to make other transactions.
• Annual Percentage Rate (APR)
  The annual percentage rate (APR) is the interest rate applied to a balance carried beyond the grace period. Cash advances incur additional charges (cash advance fee) beyond the APR on outstanding balances.
• Grace Period
  The grace period is the amount of time granted to pay your balance in full after which charges are applied.
If you carried a balance from a previous month, you may not have a grace period for new purchases.
Cash advances generally do not have a grace period. To find out the length of the grace period, you should refer to the credit card application or your credit card agreement.
• Finance Charge
  The finance charge is the cost of carrying a balance. Finance charges are computed using your balance, the APR and the time the balance is deemed to be outstanding. Some credit cards carry a minimum finance charge. If your calculated finance charge is less than the minimum, you must still pay the minimum charge.
• Incentives and Rewards
  Some financial institutions offer rewards and other incentives for using their credit card. Rewards come in various forms such as cash back; ‘points’ to redeem; travel miles; discounts, etc.
• Credit Card Fees
  Some of the most common fees are: annual fees; finance charges; late fees and over-the-limit fees.

• Every credit card has its unique, confidential and card – holder specific Personal Identification Number (PIN).
• Most credit cards carry the card holder’s name emblazoned on its front and usually, the card holder’s signature at the back.
• Each card has its own number. This comprises:
  • The prefix – which determines the credit card network;
  • The BIN – which is the Bank ID; The Account Number and The Validity Check Code.
• In addition to the main credit card number, credit cards also carry expiration dates (given to the nearest month), as well as extra codes such as issue numbers and security codes. Not all credit cards have the same set of extra codes nor do they carry the same number of digits.

In choosing a credit card, you ought to consider

• Your personal spending habits.
• The purposes for which the card is to be used.
• The pre-approved credit limit that you will be granted.
• The length of the grace period, if any.
• The interest rate applied to unpaid balances and all associated charges.
• All the terms and conditions of using the card.
• The extent of local, regional or international acceptability of the card for which you are applying.
• The incentives and rewards that are related to the card usage.

• Credit cards are convenient and eliminate the need to carry large sums of cash.
• Credit cards provide additional purchasing power. However there is a cost if the sum used is not repaid in full, on or before the due date stipulated.
• Various incentives such as bonus points, discounts, cash back rewards and travel miles are offered with usage of these cards.

• High interest charges can apply if the account is not paid off in full on or before the due date. These interest charges can be as high as 24% per annum. Moreover, if the minimum payment is made, an additional late payment fee may apply.
• Any cash withdrawn from your credit card can incur an upfront charge. This can amount to 2.3% of the sum withdrawn. In addition, interest accrues daily from the date of withdrawal until the amount is repaid in full.

• Credit card debt arises when the outstanding balance is not paid off on or before the due date.
• Credit card issuers offer customers the facility of making minimum payments in order to keep their card/account active. This option is often the cause of many customers getting into insurmountable card debt. When balances are not settled in full by the due date, interest charges accrue. This increases the amount to be repaid and where this is repeated, large outstanding credit card debt can result.

To manage the use of your credit card and avoid falling into credit card debt, the following pointers can serve as your guide:

• Do not apply for, or accept a credit card if you cannot manage the repayments.
• Do not accept or request an increase in your credit limit unless you know you can manage the increase.
• Pay the full outstanding balance on or before the due date. Avoid making only the minimum payments on your credit card.
• Avoid having too many credit cards.
• Shop around for the credit card that best suits your individual needs, ensuring that you compare interest rates, administration fees, acceptability by the merchants you patronize and the interest-free periods for repayment.
• Avoid withdrawing cash through your credit card.

Credit card fraud refers to the unauthorised use of a credit card to make purchases or obtain funds from someone else’s account. How can you protect yourself from becoming a victim of credit card fraud?

• Never disclose your Personal Identification Number (PIN) to anyone.
• Refrain from writing down and/or leaving your PIN in a conspicuous place.
• Keep your card with you at all times and in a safe place.
• When making credit card transactions, always have your credit card in view. You have the right to observe any transaction involving your credit card.
• When you sign a receipt, draw a line through any blank spaces above the total.
• Keep a record of your card account number, expiry date and card issuer contact information in case of loss or theft.
• Report lost or stolen credit cards immediately to minimize the occurrence of unauthorized transactions.
• Reconcile statements promptly.
• Exercise caution if requested to disclose personal information to callers who say they are from your credit card company.

• Credit Card interest rates can be as high as 24 percent per annum. Use your credit card only when necessary and pay off the balance on or before the due date.
• Some card issuers charge a higher interest rate for late payments. Carefully review all penalties which can be incurred in the event of late payments.
• Carefully compare interest charges when shopping for a credit card. A comparatively low interest rate may be just an initial rate that would increase after a period of time.
• Annual fees can range from TT$150.00 to TT$300.00. You will be required to pay the annual fee whether you use the card or not.

Few of us today have cash readily available to purchase a house, a car and appliances, just to name a few. We become borrowers through bank and student loans, finance companies, and credit cards. Many of us, however, let debt get out of hand.

Core reasons for persons falling into debt include:

• Using Credit Cards to meet living expenses
  If you are putting purchases on credit cards just to make ends meet or in other words as extra income, then you could be in serious debt trouble. Credit cards, after all, are a form of debt.
• Poor money management
  A monthly spending plan is essential; it is very easy to spend more money than necessary and to rack up debt by spending impulsively, without one.
• Living beyond your means
  If you are living extravagantly and are not saving, then you are living beyond your financial means, which is a core cause of debt.
• Spending cash “to come” in hand
  If you spend money, in anticipation of receiving a lump sum, instead of it being of assistance, it can be a hindrance and can upset your financial situation.
• Financial illiteracy
  One can find him or herself in debt simply by not being educated about finances. Without fully understanding how money works and grows or the importance of saving and investing for a rainy day, undoubtedly, debt would be incurred.

To identify if you are in debt, start by writing down the value of what you own paralleled against what you owe. If you owe more than you own, you ARE in debt. Furthermore, if you are struggling to “make ends meet” that may be a major sign that debt is “knocking on your door”.

Other signs that you are in debt include:

• Taking loans from financial institutions to repay existing debt(s)
• Requesting extensions and waivers of bill payments
• Being bombarded by telephone calls and letters from creditors
• Having credit applications rejected
• Having “maxed out” credit cards
• Having items taken out on credit repossessed
• Having utilities “cut off” e.g. electricity, water etc
• Constantly borrowing money from the money lender, friends and family

No one wants to remain in a position of indebtedness for any prolonged period of time. You must, make serious efforts to emerge from debt, because if you have borrowed money, it is your civil duty to repay it. Knowing that you have to emerge from debt is quite simple; however, the problem that arises is HOW. How does one begin to emerge from that “debt” sentence?

The following are some debt reduction tips:

• Reduce the Number of Creditors
  If you currently have two credit cards, for example, you ought to reduce that number to one. The best solution is to minimize the amount of expenses that you have to manage.
• Use automated payment/Salary Deductions
  One way to emerge from debt is to honour your debts by paying them via an automated debit system for example salary deductions and/or standing orders.
• Get a handle on your spending by using a budget
  Most people spend without putting thought to their purchases. A good debt reduction strategy is to use a budget. Starting by listing all of your debts, your budget will determine how much you can devote to a plan for savings, spending and most importantly reducing your debt.
• Expect the unexpected
  Build a cash cushion worth three months to six months of living expenses in case of an emergency. If you do not have an emergency fund, unexpected incidents such as a broken freezer or damaged car, can seriously upset your finances.
• Record keeping
  Create a file in which you keep careful track of debts accumulated along with an idealized payoff plan. Record keeping is the sure-fire way of controlling one’s finances and debt.
• Formulate a Debt-pay off plan
  In embarking upon a debt reduction plan, it must be decided which debt ought to be paid off. It is advised that one tries to pay off “bad debt(s)” first.
• Seek help!
  If you are encountering difficulty repaying your debts, inform your financial institution as soon as possible. These institutions may be able to make adjustments to suit your financial situation by modifying your repayment plan (s).
• Monitor your money’s final resting place
  Identify where your money goes by tracking spending over a period of time and eliminating unnecessary expenses, is another way of emerging from debt.

One of the most effective ways to avoid any future debt problems is to learn to manage your finances consistently and exercise proper money management practises.
Despite the fact that it may seem like a daunting task, your debt management strategy need not be too complicated.

Here are some simple tips:

• Save as much as you can!
  One never knows when it’s going to rain, financially speaking, so develop and sustain a good saving habit. A financial rule of thumb is that you ought to be saving at least ten percent of your monthly salary.
• Get priorities in order!
  Know your monthly expenses, prioritize them and ensure that funds are allocated for savings. Develop this into a habit and you will surely remain debt free.
• Investigate before you borrow!
  Comparison shop to find the best money bargain available, whether you’re shopping for money from a financial institution or applying for a new credit card, or simply purchasing an item.
• Once rid of debt, commit to debt free living!
  Once one is aware of the mistakes made which caused debt in addition to being able to identify debt symptoms, use knowledge acquired to implement the cure to as a life lesson to maintain debt free living.

In light of what we have covered in the article, to sum it up here are some salient tips that all persons can follow:

• Use any extra cash – whether it is savings, bonuses, extra pay checks, lottery winnings to pay debts.
• Keep records of credit card purchases, and a plan to pay for the item(s).
• Although one is required to make a monthly minimum payment, set a goal for paying major credit card debts (i.e. appliances) within a specific time frame like three to six months.
• Eat at home when possible. Avoid buying fast food and dining out too often.
• After one’s debts/bills are paid, allot a specified certain amount of cash for entertainment, shopping etc. When the cash is done, so too is the fun!
• Make extra loan payments if possible.
• Do ‘debt checks’ at intervals to keep track of how you’re going.
• Limit yourself to one credit card. Cancel all addition credit cards except the one with the lowest rate.