Posts Tagged ‘Personal Documents’

Paperwork and Documents: How Long Should You Keep Them?

August 17th, 2009 by Natalie Conrad | No Comments
Paperwork and Documents: How Long Should You Keep Them?

Keep What?

Household papers!  You know those papers that keep multiplying in your home? It comes in the mail, is created at our printers, comes home with the children, and can even magically appear when we are not looking! Some documents are vital and must be kept while others need to be tossed regularly.  So here are some retention guidelines for the personal papers:

Keep Indefinitely:
  • Wills & Trusts
  • Birth/Death certificates, passports, adoption papers
  • Divorce papers, military records, deeds, property titles
Long Term (at least 7 years):
  • Income tax returns with supporting documents
  • Home improvement documents
  • Investment records (year end statements)
Short Term (1–3 years):
  • Paystubs
  • Medical bills
  • Bank and credit card statements (unless available online)
  • Current Insurance Policies
Don’t need to keep:
  • ATM receipts, grocery receipts
  • Utility/garbage/phone bills
  • Investment annual prospectus’
This is not an exhaustive list nor is it set in stone. These are just recommendations. For any tax or legal documents, please consult your accountant and/or legal counsel before eliminating them. This list does not address business record management. If you have questions about business documentation, consult your accountant.
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