How to Create a Legacy Folder
A Legacy Folder is one place in your house where you store important information and documents. In the event anything happened to you, someone else would be able to obtain this information and close up your estate for you. It makes things easier for your loved ones.
Begin Gathering InformationI like to provide an Estate Plan Organizer to my clients. It is a multi-page document that you fill out with your accounts, information, passwords--basically whatever you want. It is neat and organized so that in the event of an emergency, no one needs to raid your entire house to find crucial and needed information. I also recommend taking one month of each account statement and placing it inside too, so that others know what types of accounts you have and can see the actual statements.
Obtain a fireproof and waterproof file cabinet or safeStore your documents so that they will be safe. I like using file cabinets. You may take the extra step of locking it with a key or passcode (after all, it is very important information).
Tell your Proposed Personal Representative Location of FolderThings are much easier when you tell trusted people where to find things in your house. Send a quick email telling the person you plan to name as Personal Representative of your Last Will where they can find your folder. Make sure they know how to find the key or passcode.
Keep UpdatingUpdate your Legacy Folder as often as you buy new property, open new accounts or change passwords.