Establishing A Legacy Folder / Portfolio

• By completing your will, healthcare proxy, and power of attorney, you make things as easy as possible for those responsible for your estate by establishing a portfolio, such as a “legacy folder.”
• Keeping end-of-life information in one place means your executor can easily locate your assets and know what debts to pay on your estate’s behalf.
• It is important to include contact information for your attorney, accountant, healthcare proxy, and the holder of your power of attorney, as well as your financial advisor. Copies of account statements, mortgage statements, and monthly billings tell your executor what he or she should pay if, God forbid, something happens to you.
• Probate usually takes seven to nine months – or longer, depending upon the assets in your estate and any items that may need to be sold. Your executor is responsible for payment of monthly expenses during probate, so this budget information tells them where funds need to go and when.
  A list of items intended for specific individuals will make sure they get them, and items like watches, jewelry, and personal notes for your children or your wife should also be kept in that legacy folder.

If you are interested in creating an estate planning portfolio that encompasses all of your assets, contact us today for a consultation. Let our experienced Buffalo Estate Planning Attorneys guide you through the process and ensure your legacy is protected.