An estate folder is a folder that you can (and should) create to help your loved ones after your death. It's essentially a folder outlining your assets, debts, and bills, enabling your survivors to handle your estate much more quickly and easily. Specifically, this is to help them terminate all accounts in your name, pay any outstanding debts you have, and collect all of your assets so that your estate can be handled properly. Additionally, it's a useful tool to take stock of your circumstances in terms of budgeting and planning for the future.
Does each parent have to pay for half of extracurricular activities?
Extracurricular activities can be fairly minimal, or can be thousands of dollars per year, per child - especially if the word "travel" is involved. Because the costs are usually on the low end for younger children, parents often don't consider the costs at the time of separation, but only when they've reached their full, teenage levels.