You may have come across the term legacy drawers but don’t know exactly what it is or if you need one. Our Buffalo estate planning lawyer details what you should include in a legacy drawer.
Legacy Drawers | What to Include in a “Legacy Drawer”
Because there are so many documents involved in estate planning, you should keep copies in one easy-to-find place, and let some loved one – perhaps your executor – know where this is.
This place – often called a “legacy drawer” or “legacy portfolio” – should contain a copy of your active will, healthcare proxy, power of attorney, trust documents, property deeds, bank account information and statements, bills and documentation of monthly expenses, and documents explaining your funeral and burial or cremation wishes. Include the names and addresses of your attorney, accountant, financial advisor, power of attorney, healthcare proxy, and executor. You might also consider leaving personal items or notes here, too.
Legacy Drawers | Will
A will allows you to establish to whom you want your assets to go so that the state will not make those decisions for you. As part of your will, you can appoint an executor, a guardian for any children you may have, and trustees for the assets of certain beneficiaries of your will, such as children or disabled adults. A will is a fundamental document to have.
Legacy Drawers | Healthcare Proxy
A healthcare proxy is a person whom you designate to make health-related decisions on your behalf in the event that a doctor believes that you are incapacitated and not able to make these decisions yourself. Situations like this can arise unexpectedly, and it is not appropriate to wait until you are in the hospital before making a designation; it is better to have this done well in advance. Attached to the healthcare proxy is a living will. A living will set forth certain things that you do not want to happen in the event that a doctor is prescribing health-related measures that you do not feel are appropriate. The fourth document that you need is the power of attorney, which helps you to designate individuals to take care of your financial affairs if you are incapacitated. Our package includes the will, the healthcare proxy, the living will, and the power of attorney, all together in the estate planning legacy folder that we have assembled.
If you or a loved one wants help setting up legacy drawers, please call our Buffalo estate planning lawyer today for a free consultation.