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A Credit Counselor Versus a Bankruptcy Attorney


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A Credit Counselor Versus a Bankruptcy Attorney

When I was drowning in debt, I knew that soon enough I would need to file for bankruptcy. I simply didn't make enough to cover the amount of debt I had accumulated. However, I was not sure whether I should work with a credit counselor or a bankruptcy attorney. I did a lot of research on the subject and found that there are pros and cons to working with both a credit counselor and a bankruptcy attorney, and that you also had the option of working with both at the same time. Ultimately, I decided to hire the attorney, but that may not be the best option for everyone. I created this website to help you understand what a credit counselor is and what they do, what a bankruptcy attorney is and what they do and how each can help you if you are drowning in debt.

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The Facts About 5 Common Myths Regarding Wills

Many different obstacles hold Americans back from writing and completing a legal will. Some concerns are valid, but many others stem from misunderstandings about the estate planning process. How can you separate the true from the false? Here are a few common myths that you may have heard — and what you should really know about them. 

1. Wills Are Hard to Change

If you have a will from a number of years ago, your situation may have changed significantly. Kids may have grown up, you may have bought property, or maybe you've started a business. If you should update that old will, how hard will it be? In fact, it doesn't have to be a chore. Some changes can be made through memorandums outside the main document. And in many cases, only specific elements need to be changed — like naming guardians for children — and the rest can stand. 

2. My Spouse Gets Everything Anyway

Many couples plan to give their assets to their spouse for the person's support or support of their children. But the best way to do this is by stating it in a will. Wills speed up the transfer of assets, possibly even allowing your executor to use a streamlined state process. And state intestate inheritance rules vary by state and are altered at times, so they may not distribute your assets the way you expect. 

3. Wills Are Complicated

A will doesn't have to be too complex. An experienced attorney can guide you through making the major decisions and has all the legal language and formats already in place. And if you only want to concern yourself with a few major assets, you can make your wishes as simple as you like. Your attorney may also be able to do much of the research and legwork involved in handling complex assets like a business. 

4. Wills Avoid Probate

Most people rarely go through the probate process, so it can be daunting. Writing a will doesn't allow your estate to skip probate entirely, unfortunately. It's a way of navigating probate, though, making it smoother, faster, and easier. There are a few other ways to avoid probate, including using trusts, so you might add these to your estate plan. 

5. My Out-of-State Will Is Legal

State law provides for honoring legal documents drawn up in other states. However, because each state has its own inheritance rules and legal requirements for wills, you should update an out-of-state will as soon as possible. For example, some states accept holographic wills while others do not. Failure to abide by the rules of your current state may result in the will being thrown out by the probate court. 

Where to Learn More

There are many more popular misconceptions surrounding wills and other estate planning tools. Do you have questions about these or other things you've heard? If so, start by learning the facts in consultation with an estate planning attorney in your state today. 

For more information, contact a local law office like Wright Law Offices, PLLC.