Fire Proof and Burglar Resistant Safe
(Documents You Need Occasionally)
These documents you never discard
Birth Certificate
Death Certificate
Cemetery Deeds
Diplomas
Guardianship Agreements
Marriage Certificates
Social Security Card
Retirement Plans
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Fire Proof and Burglar Resistant Safe
(Documents You Need Occasionally)
Discard as suggested
Real Estate Deeds - Shred 10 years after property sold
Passport - Shred after new one issued
Powers of Attorney - Shred after new one signed
Stock/Bond Certificates - Shred after sold
Vehicle Titles - Shred after sold
Trusts - Shred after new one signed
Wills - Shred after new one signed
Credit Report - Shred after new one is received
Financial Statements - Shred when new one is received
Receipts - Expensive Items - Shred after item is sold (if donated keep with Tax Return information)
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Locked Filing Cabinet
Discard as suggested
College Financial Aid - Shred 10 years after loan repaid
Insurance policies -Shred after new ones come in each year or a year after replacing
Loan Statements - Shred 10 years after loan is repaid
Property Tax Assessment - Shred after new one arrives
Social Security Statement - Shred after new one arrives
Vehicle Registration (copy - original should be kept in car) - Shred after new one arrives
Vehicle Repairs - Discard after vehicle is sold
Bank Statements - Shred after seven years
Credit Card Statements - Shred after seven years (only if they contain tax related information)
Home Purchases/Improvements - Shred seven years after selling home
Tax Returns and Supporting Documents - Shred seven years after filing date
*******According to Suze Orman, you only need to keep Bank Statements, Tax Returns, any other Tax Related Documentation and Annual Investment Statements for 3 years. That is why I suggest speaking to a Financial Professional before getting rid of any tax related or financial documents. *******
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Keeping any old or outdated records only serves to confuse those that have to come behind you and deal with your files. Keeping files current with the most up to date information keeps you from being overwhelmed by paper, makes your information easy to find and makes it easy on family members to find good accurate information if and when it is needed.