Legacy File of a Professional Real Estate Investor

Nov. 5, 2010 - PRLog -- A Legacy file is a file that houses all of the important information your family needs in case something happens to you as a Professional real Estate investor.Every Professional Real Estate Investor needs a Legacy file. It doesn't matter if you're single with no kids or 69 and have and 13 kids and 666 grand kids-you need a Legacy file.

The file should be somewhere in your home and contain everything your spouse or family needs to know if you aren't around-anything that has to do with your financial life should be in that file. You must organize it in a way that anyone can find a specific document in 30 seconds.You may like to have a duplicate file with your Lawyer or Accountant and your spouse as well.

Your Legacy file should contain 14 things.


  1. Cover Letter. This is simply a letter stating the purpose of the Legacy File. It is like what is in the file and complete contents and index  of the file.

  2. Will & Estate Plans. All information pertaining to your will and estate, including names of the executor and Power of Attorney should be located in one file.Insurance policy, RRSP and RRIF details.

3.Lawyer name :The one who has prepared all the documents and may have a certified copy of all wills ,ownership and other pertinent documents.

4. Chartered Accountant: the most important person who might be filing your last income tax return and will be review estate taxes with the family.

 5. Financial Accounts. Anything that has money in it and your name on it should be listed in the Legacy File. This includes account names, amount and account numbers.

 6. Funeral Instructions. All details and specifications for funeral plans should be listed so the family can fulfill your wishes. If you are married, you need one for you and one for your spouse.

  7. Insurance Policies. All insurance information, including health, car, disability, term life, etc., should be combined into one single document for easy reference. List the type of insurance, who the policy is for, contact information and policy numbers.

 8. Important Documents. Any legal or other important documents you have should be noted in the file. This includes deeds, birth certificates, Social Insurance cards, passport etc.

  9. Legacy Letters. Since the intention behind the Legacy File is to keep your legacy going after you've passed away, it's a great idea to include letters to your loved ones.

10. Monthly Budget. Add a copy of your written budget, so your spouse or loved ones know how to operate your household once you're gone. This will help your family keep track of bills and focus on more important things.

  11. Tax Returns. Keeping tax returns in your Legacy File is like an insurance policy for yourself in the event that you get audited. Hopefully you never have to pull them out, but if you do, at least you are prepared.

 12. Safety Deposit Box. Keep copies of all your Legacy File papers in a safe deposit box-you can never be too careful. Include information in your Legacy File on where your safe deposit box is and who has access to it.

 13. Passwords. Write down all passwords, combination, user names and PIN numbers. This information allows your loved ones access to any documents, money or information that is left when you are gone.

14. List of All properties: This list must contain all financial obligations, mortgage information, rent roll and any other info.If you have rent to own properties, promissory notes etc.


If you put your mind to it, you can create your Legacy File in 15-45 days! It's tedious to gather all of the documents and paperwork that goes into the file, but it's a necessary task in order to protect you and your family.Being a Professional Real Estate Investors it is better to be fully prepared and properly organized. Education and proper plan pays in the long run.

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World Wealth Builders (WWB) conveys action-orientated Canadian Real Estate investors education, coaching and mentoring. WWB provide wealth creating secrets, strategies & step-by-step practical how-to methods. www.WorldWealthBuilders.com