3 Reasons to Make a Will or Trust this Tax Season 2024

Discover why tax season is the perfect time for estate planning. Gain visibility over assets, maximize tax advantages, and create legally binding documents. Start securing your legacy today!

3 Reasons to Make a Will or Trust | Tax Season 2024

As the days stretch longer and the hint of spring freshens the air, we find ourselves in the midst of tax season 2024. With the tax season deadline quickly approaching, many are busy filing returns or gathering financial documents. This period, while often associated with stress, also presents an ideal opportunity to tackle estate planning. Why? Because your financial life is already laid out in front of you, it is the perfect time to ensure your legacy is secured through a will or trust.

Estate planning might seem daunting amidst the tax rush. Still, there are three compelling reasons why this tax season is the optimal moment to secure your digital legacy and ensure your assets are handled precisely as you wish:

1. Complete Visibility Over Your Assets

During the tax season, all your financial information is at your fingertips. Whether it's real estate, investment accounts, or other personal assets, you're already reviewing everything for tax purposes. This makes it an ideal time to outline who should inherit these assets. If you haven't set up an estate plan, start by listing assets included in your tax forms. For those with existing plans, ensure they reflect your current assets and familial relationships accurately. Changes in tax filing status could signify the need for an update to your plans as well.

2. Optimal Tax Advantages

The tax season provides a clear picture of your financial landscape, which is crucial for understanding potential estate tax implications. With the 2024 federal estate tax exemption at $13.61 million for individuals, most estates won't owe federal tax, but state-level taxes can vary. Knowing your total asset value can guide you in structuring an estate plan that minimizes tax liabilities, ensuring more of your legacy goes to your loved ones, not taxes.

3. Legal Document Impact

A will or trust is among the most significant legal documents you'll ever create, directly affecting your family and loved ones. It allows you to specify inheritors, appoint guardians for minors, care for pets, and support charitable causes. By drafting these documents during tax season, you leverage a time when you're already engaged with your finances, allowing you to make informed decisions that reflect your current circumstances and desires.

We Can Help Store This Season's Estate Plan

Setting up an estate plan doesn't have to be tedious. Online platforms like WillBox offer a seamless way to manage and store legally binding wills or trusts in less time than it takes to finish a Netflix episode. For straightforward estates, digital tools can guide you through the process efficiently. However, if you're managing a larger estate or complex family dynamics, consulting with an estate attorney is advisable to tailor a plan that fits perfectly.

This tax season 2024, take the initiative to extend beyond tax files and embrace comprehensive estate planning. Your journey towards a secure legacy is just a few clicks away—consider visiting WillBox today.

Frequently Asked Questions About a Will or Trust

Q: What is digital death, and how does it affect my estate planning?

A: Digital death refers to the end of your digital existence, which includes social media accounts, online financial records, and other digital assets. Proper estate planning ensures that your digital legacy is handled according to your wishes. Incorporating digital assets into your estate plan is crucial so your executors know how to access and manage or close these accounts after your passing.

Q: How can an insurance policy be integrated into my estate planning?

A: An insurance policy can play a pivotal role in estate planning by providing financial security for your beneficiaries. It can be used to cover estate taxes, debts, or provide for your loved ones. When setting up your estate plan, specify who the beneficiaries of your policies are and consider the impact of these funds on the distribution of your other assets.

Q: How important is documenting journeys when creating a digital legacy?

A: Documenting journeys, such as travels, significant life events, or personal milestones on digital platforms, contributes to your digital legacy. It's essential to include instructions in your estate plan regarding how these personal stories are preserved or shared. Whether you wish these memories to be saved for your loved ones or shared more broadly, clear directives can ensure your digital stories continue to inspire and touch lives even in your absence.

Our service

At WillBox.me, we provide a complete digital estate planning service that helps you organize and manage your digital assets, so they can be accessed and transferred by your loved ones after you pass away or become incapacitated. Our service includes creating a digital inventory, determining who will have access, providing instructions on how to manage your assets, and securely storing your digital estate plan.

Subscribe to our service today, and gain peace of mind that your legacy will be protected.