Monthly bank and credit card statements fall into this category, as do any pay stubs. Other items to keep this long include settled insurance claims or deeds for sold property. Supporting documentation for them like W-2 forms, brokerage statements, bank statements and other relevant paperwork should stick around for three to seven years. Other items to keep forever include:ĭocuments to Keep for Three to Seven YearsĪ person should hold onto tax returns in perpetuity. Other financial documents a person should hold include any record of a significant financial transaction, like a legal filing or an inheritance. Documents to Keep Foreverįinancial experts recommend keeping documents like tax returns forever. The following categories can help reduce any confusion. The trick is to know which items to discard after one year and which ones to keep for longer. It may seem obvious, but certain documents should stay in a person’s possession forever. This also includes any repair information for major appliances, which may stay with the home if a person decides to sell them. Keep any warranty information, owner manuals, maintenance checklists and even a list of all the valuable items in the home. Most home documents fall under the deeds, insurance and financial records categories. A list of passwords also comes in handy in case the account owner dies or is otherwise incapacitated and someone else needs access to those accounts. Keeping all passwords together can minimize disruptions if a person forgets login information. PasswordsĪ single storage place for passwords can help reduce the risk of identity theft or data loss. Keeping these items close is handy if someone chooses to sell the car and needs proof of ownership. These documents include vehicle registrations, maintenance and repair histories or licenses to operate specific vehicles. Most of these documents fall under the above categories but keeping track of essential items like workplace policy handbooks and education transcripts can save a lot of headaches if an organization or institution asks for them, such as when applying for a loan or attending graduate school. The IRS may need them if they choose to perform an audit of a person’s tax returns. An organization may ask for these items as part of a loan application. Keeping annual tax returns, stock certificates, retirement plans and other types of financial statements is vital for several reasons. Having convenient access to these policies makes filing claims significantly easier. We buy many types of insurance throughout our lives, from home and auto coverage to life insurance to help protect and provide for families after a loss. Medical records that detail the results of an annual physical exam or any existing health conditions can be helpful when applying for certain healthcare benefits or as a person ages. Keep these documents in a safe place, either a fireproof safe in the home or a safe deposit box in a bank. Legal documents such as wills and property deeds can help distribute assets in the aftermath of an unfortunate accident or tragedy. Keep these items in a safe place when not using them. Companies often use social security cards to verify employment eligibility and provide proof of citizenship. Passports are necessary for international travel, but they are also valid proof of identification for domestic flights. They include birth and death certificates, marriage licenses or adoption paperwork. Vital records are documents that a person needs to enroll kids in school, apply for passports or claim benefits. Some of the most critical documentation to keep handy include the following items. But among all households and businesses, certain types of paperwork require careful storage and organization. How can a person figure out which documents are “important” enough to keep? The answer differs from person to person. Be Aware of Which Documents Count as “Important” Streamline the process of sorting paperwork and keeping it organized in (or outside of) our homes. One of the most critical parts of adulthood and professional life is knowing what documents to keep and which to toss out or recycle. But what happens when all those items take over our kitchen counters, filing cabinets and desk drawers? There is much to sift through, from identification to mortgages and banking statements. Digital copies can help save physical space and reduce the clutter in filing cabinets and desk drawers.Īs we go through life, we collect a lot of paperwork. Important documents like identification and financial paperwork need to live in a safe place, while junk mail should be thrown out or shredded as often as possible. Document storage and organization are essential skills to keep a clean home or office.
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