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Important Records

                      TYPE OF RECORD                        HOLDING PERIOD                       PLACE TO SAVE

FAMILY PAPERS: Birth, marriage

and death certificates, divorce and

settlement papers, military discharge

papers, adoption papers, school

transcripts and diplomas.

Indefinitely

Safe-deposit box

HEALTH RECORDS Copies of

forms showing immunizations,

hospital stays, operations.

Indefinitely

Home Files

GOVERNMENT DOCUMENTS:

Social Security card, passport.

Indefinitely

Card in wallet, file stub in

safe-deposit box. Passport

in safe-deposit box until needed

ESTATE MATERIALS: Wills,

trusts, burial instructions

Indefinitely

Originals with lawyer; copies at

home and in safe-deposit box.

TAX RECORDS: Returns and

supporting documents,

Seven years (required by the

government)

Home files

PROPERTY RECORDS; Mortgages,

deeds titles, loan agreements,

As long as you own the property

plus several more years as proof

Originals in safe-deposit box;

copies at home.

HOME IMPROVEMENT RECORDS:

Receipts, contracts and

records of costs.

Until home is sold and tax liability

is settled,

Home files; copies in safe-deposit

box.

WARRANTIES, GUARANTEES:

Contracts and proofs of purchase.

As long as you own the items

Home Files

INSURANCE RECORDS: Policies

and household inventory, including

Until four years after expiration of

policy. Update inventory annually.

Original policies at home; copies

and inventory in safe-deposit box.

INVESTMENT RECORDS: Securities,

buy and sell orders, cancelled

checks, statements and contracts

for retirement plans.

At least three years beyond sale for

lax purposes, Retirement materials

indefinitely.

Certificates in safe-deposit box,

copies at home.

BANK ACCOUNT RECORDS:

Cancelled checks, registers,

statements, receipts.

Certificates of Deposit (CD's) until

maturity. Others as long as needed

for related tax matters.

CD's and list of accounts in safe­

deposit box. Ledger books and

checks at home.

CREDIT ACCOUNT RECORDS:

List of cards, records of payment.

Until obligation is discharged; longer

to support tax deductions.

Home files.

MASTER LISTS OF ASSETS AND

LIABILITIES: Record of financial

accounts, property owned, insurance

coverage taxes.

Update annually.

Home files. Copies in safe-deposit

box.

SAFE-DEPOSIT BOX INVENTORY

Indefinitely. Update as contents

change.

Home files.

For many people, the approach of April 15 means a mad scramble to gather receipts, bank records and other papers needed to prepare their tax returns. Then, with the returns safely in the mail, they store their important papers in drawers, shoe boxes, and other spots - until the next tax season, when they scramble once again.

This year, why not break the habit of disorganization, and use tax time as an opportunity to permanently give order to your personal and financial affairs?

In the case of papers and belongings that are valuable or irreplaceable, the best storage is in an Underwriters Laboratories (UL) classified fire-resistant storage container.

What should you put in your fire-protective container - and how long should it stay there? Here are guidelines for some of themost common documents:

Documents                                                                     Suggested Storage Time

·   Birth & Death Certificate ............................................ Indefinitely

·   Contracts ..................................................................... 7 years after contract expires

·   Deeds ........................................................................... Indefinitely

·   Tax Records ................................................................. At least 6 years

·   Bank & Credit Card Records ...................................... 6 years

·   Health Records ............................................................ Indefinitely

·   Mortgage, Loan Papers .............................................. 3 years after loan paid off

·   Insurance Policies ...................................................... 4 years from date expires

·   Home & Property Inventory: ..................................... Indefinitely (update)

(Purchase dates, serial numbers, details of heirlooms, etc.)

·   Marriage Cert., Divorce, Custody, Adoption Papers ..Indefinitely

·   Passport ....................................................................... Indefinitely

·   Stock & Bond Certificates .......................................... 4 years after sold

·   Owner's manuals, Warranties ................................... As long as you own item

·   Wills .............................................................................. Indefinitely

 

 

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