We recommend keeping the above papers indefinitely, but other papers such as tax records, valuations and statements should be kept for at least 3 years just in case the Tax Office needs to re-open an enquiry. If there is a future change in the law, at least some of the key documents are available to hand. Although it is not possible to anticipate changes, keeping some important documents may make things easier to deal with in the future. We would recommend keeping the important papers referred to above in a safe place, but once you are ready to get rid of the other paperwork, it would be advisable to have these shredded securely.
Some of the papers will have financial information on them or may be more personal to the family, therefore shredding these documents will provide greater peace of mind and avoid getting in the hands of unwanted people.. This is usually charged as a cost to the estate.
Also, shred sales receipts, unless the items purchased have warranties. Also, remove and shred pharmacy labels before throwing away the empty prescription bottles. No reason to keep old tax records longer than the IRS requires. Also, shred any tax-related documents used to support those tax returns can also be destroyed. Any documents that are permanent records need to be kept in a secure manner. Locked file rooms, locked file cabinets, and safe deposit boxes are good options Here are some examples;.
Also, keep auto titles and home deeds stored safely for as long as you own the property. Do you have questions about our secure shredding services? Please visit our FAQ section or call us at:. Automated page speed optimizations for fast site performance. Additionally, everyone has legal records and medical documents that may or may not be worth hanging on to.
Create a free Cake end-of-life planning profile and instantly share your health, legal, funeral, and legacy decisions with a loved one. Legal records are any pieces of documentation related to federal, state, or local law. You should keep most of these vital records indefinitely. You can store them along with but separate from your own vital records. Then, plan to pass them down to your beneficiary after your own death. If the deceased person is missing any of these documents, you can request new copies from your Vital Records Office.
Shredding them will help empty out a lot of drawer space. While I'm at it, I'll also shred the pay stubs I've already used for my W I really appreciated the insight about when you should shred your tax records and what different records you should actually shred. As you say, things like pay stubs should be shredded, which is something that I didn't know.
These, however, definitely provide sensitive information, so shredding them right from the get-go will help protect your information from not getting into the wrong hands. Thank you for sharing! Be careful, be prudent. While I've had a terrible propensity to keep everything that's "official" somehow like mortgage statements I need to keep reminding myself that most of those items bank statement, utility bills, insurance papers, credit cards, etc.
The best way not to accumulate the paper in the first place is to opt for the completely paperless option if one is offered. Now that I mention it, I think I'll go take care of the few accounts that i haven't shifted to fully paperless yet I would keep all receipts related to tax deductions, all receipts related to home ownership for at least 7 years, and all bank statements for 7 years. I would keep credit card statements for 7 years too in case of tax audit.
My banks only keep the last 12 months of statements available online, so I download these to my pc every 3 months to keep them for 7 years there. How long after the case is closed should those be kept? The answer to your question could depend on many factors including the document you scan and the purpose for which you want to use the document.
Are you thinking about scanning your child's drawing to share with a friend, or scanning a legal document to send to a court? You may want to ask a lawyer for advice. When I got my first Social Security statement of lifetime earnings, there were a few years missing.
Of course those records had long been shredded as they were earnings more than 20 years old. SSA does not keep the records, so I was told I was just out of luck "and should have known better! How awful, Enjay! No one ever thinks things like this will happen to them. May we all learn from your unfortunate circumstance. My ex-husband destroyed some of my personal tax returns for yrs.
A possible way to recover those lost earnings yrs. Check your Social Security every year. Register on the social security site and get your earnings statement. It is your choice whether to submit a comment. If you do, you must create a user name, or we will not post your comment. The Federal Trade Commission Act authorizes this information collection for purposes of managing online comments.
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