DEAR BRUCE: We would like to create a will for the children, and wondered if we can make one on our own, simply stating they get everything, to be divided as they see fit. I would like to avoid the expense of an attorney and court after our passing.

We already have them listed on most of our savings accounts. We would like to add their names to our house title, too. Our home is paid for. — M.W. in Illinois

DEAR M.W.: Do-it-yourself wills are right up there with do-it-yourself dentistry and obstetrics, a major mistake. When you say you wish to have it "divided as they see fit," it's yet another mistake. The little expense involved is well worth expending. Further, putting their names on the title is another error since it may well involve taxes that would otherwise be avoided when the house passes upon your demise.

In general, you are another candidate for a simple reciprocal will. Everything goes to you or your husband depending on who passes first. You can then leave your estate to your children, but bear in mind that sloppy wills or — even worse — do-it-yourself wills, which can be declared invalid, often lead to nothing but family disharmony. Sit down with your kids, find out who wants what and spell it out in the will. That is an act of love.

DEAR BRUCE: I am a 66-year-old single female who has been living beyond my means for several years. I find myself $26,000 in credit-card debt, and I want to pay this off before I officially retire.

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I took an early-retirement package from my previous job, which gave me $200,000 to put into my 401(k). I transferred these funds to an IRA, where they are invested and growing, but I seem to need to draw on them every year because of my out-of-control spending. I earn $43,000 annually at my present job, and I am putting away 5 percent of my earnings in a separate 401(k) account, which is up to $12,000 at this point.

I own my own condo, which is a co-op, where I purchased one share in a 120-unit complex (government mortgage) and pay a maintenance fee of $550 a month. The condo association pays all expenses, except cable and telephone.

My son lives with me and is a working musician, which means he doesn't earn a lot and I have to give him money now and then.

We share one car, which is in my name. My question is, would it make sense to withdraw money from my IRA to pay off my credit-card debt? I have a wonderful daughter who has helped me set up a strict budget, and I am committed to following it. I'd like to retire within the next couple of years, if possible. — J.S., via e-mail

DEAR J.S.: You mentioned you want to pay off your credit card before you officially retire. What is magical about the "official" retirement? You'll be no less or more in debt if you take the money out of savings. You might wish to concentrate on reducing the debt out of current income and putting off your retirement, if possible, until the debt is resolved.

You said you are living beyond your means. I assume that's no longer the case. If so, it would seem far more logical to put off retirement for a couple of years and not reduce your retirement income.

DEAR BRUCE: I have received different answers regarding whether one should ever close a credit-card account. I've had one card for 15 years with a 14 percent interest rate, and I don't use it because of the interest. I opened another account in 2003 with a 9 percent rate. I transferred the balance from this account to a lower-rate card (4.99 percent) in November 2006.

Should I leave the other two open or just keep the oldest one open and close the second one (since I've only had it for three years)? I heard closing credit-card accounts have a bearing on credit score. I was told the older the card on your credit history, the higher your credit score will be. I also worry about identity theft on so many open accounts. — S.U., via e-mail

DEAR S.U.: I see no reason to cancel the cards, as long as you keep them in a secure place. How does it hurt you to have the accounts open? Obviously, the card with the 5 percent rate is the one to use, although I suspect that may be a teaser rate.

As to the identity theft of the open accounts, in my opinion, that is a nonissue. You certainly should keep track of the cards and from time to time pull your credit report. Aside from that, you are doing well.

As I have mentioned so often, why the FICO score doesn't take some of these variables into account is beyond my understanding. But FICO is the orchestra and we have to dance to its tune.

Send your questions to: Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to: bruce@brucewilliams.com. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.