Why Don’t More Americans Have A Living Will?

Written by Lawyer lifestyle on . Posted in Commercial lawyer tn, Debt collection, Estate lawyers

Wills and estate lawyers

Most Americans are deeply familiar with the issue of debt. Unfortunately, not enough are familiar with how to get out of debt and back into controlling their finances again. The average debt collection attorney will run into over a hundred different reasons causing businesses large and small to go belly up because of lost funds. Healthcare, mortgage and business loans are some of the most common, though the best attorney should always be prepared for what else is to come when debt management is on the line.

There are over 4,500 debt collection agencies in the United States. This large number is to be expected with millions of people falling into debt every year, with some able to manage on their own and yet others requiring the aid of a debt collection attorney to make noticeable progress. The year 2014 saw over one million foreclosure filings as well as 325,000 home repossessions. Medical bills, student loans and credit cards are at the root of many debt issues. Debt collection law will seek to resolve issues affecting individuals to entire companies.

What else causes so many people to fall into a debt crisis every year? Statistics hold the answer. There is a lot of misunderstanding about how to keep debt-free, with many useful resources outright neglected because of a lack of awareness or misplaced fear. It’s estimated 55% of American adults don’t have a will or an estate plan in place. When there is at least one child (if not several) in every classroom that will risk losing their home because their parents can’t pay their mortgage, this little effort can mean all the difference.

American households are struggling nowadays. Nearly 40% of all homes don’t have enough in liquid financial assets to sustain themselves for at least three months should an incident occur, such as a natural disaster or a lost job. A recent survey saw 60% of participants saying all adults should have estate plans, but only 44% actually admitted to having one in place. As of 2012 there are 86,000 real estate brokerage firms operating in the country. Lawyers for wills and estates have an uphill battle when it comes to helping American families keep their livelihoods in place.

A will is an essential binding document that will protect an individual or business’ assets once they pass. According to a study provided by the Wisconsin State Bar, a more complicated will may take over two years to probate. A simple one, on the other hand, can take just six months. This is roughly equivalent to any other state and something more Americans are gradually becoming aware of. A survey found participants saying they would be more likely to update their will if there was an easier solution, such as an online method.

Another survey, still, saw many Americans avoiding creating a will because of perceived complexity (at 16%), a high price (at 14%) and the idea that their children or spouse will automatically receive any assets they had (at 12%). Nearly 40% of adults have a healthcare power of attorney, which is just one part of creating a strong foundation that can weather the future. To work as a debt collection attorney is to be familiar with the reasons that keep people from seeking out what they need to live a life free of stress and free of debt.

Debt is only getting higher and higher by the minute. More Americans than ever before are turning to their local law firms for legal advice to help them shave off thousands, even tens of thousands, off of their record. When people are trying to start planning for retirement or saving up for their children’s trust fund? There’s even more reason to start investing in a legal representative. A debt collection attorney is one of the best tools an American family, individual or business can ask for in these trying times. With your expertise, the fear of an uncertain future can be held at bay.

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