A Table saw with a 36" fence, or a clamped straight-edge with a 45 degree router bit.
For dead on accuracy the table saw will work better.
Cut all pieces out slightly bigger, make all 2 & 3' final miter cuts without moving the fence.
Lay the 4 upright pieces on your bench bevel down, points touching.
Put strips of wide masking tape across top middle and bottom, leaving a few extra inches over one edge.
Flip over and apply glue to miter cuts.
It will fold right up, wrap extra tape around last corner.
Glue and tape the 2' X 2' piece on the top to square it up, works great.