It is important for you to prepare a will as soon as possible, because it isn't just about money. You will make decisions about who will inherit your estate, and choose an executor. You will also decide, if necessary, who will raise your children and manage their money.
When someone passes away without a trust in place, that individual's estate will pass into the probate courts. Probate is a process wherein the estate is distributed among the decedent's creditors or beneficiaries, depending on the state of the individual's finances. This is a necessary process if the estate doesn't have probate protections in place, but unfortunately it can create a significant number of delays for those who are waiting for their inheritance.
If you are mired so deeply in debt you believe you will never be able to find your way out, you are not alone. In 2016, nearly 800,000 people filed for bankruptcy in the U.S. Depending on your particular circumstances and type of debt you have, there may be a type of bankruptcy that will work for you.