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Personal
Records Retention
What to Keep
We tend not to think much about keeping important papers - that
is, until an emergency occurs or the Internal Revenue Service comes
calling!
Keeping good records is important
because:
• Records help in estate settlement and insurance or benefit
claims
• Death, fire or theft may call for records to establish ownership
• Records help substantiate income tax deductions.
• If someone makes a mistake or official records are destroyed,
your records may be needed.
• Your past records can help you plan future spending and
keep tabs on your current and past financial situation.
• Records could shorten the time it takes to collect insurance,
military benefits, veteran's benefits or an income tax refund.
• And much more!
Here is a list of records you should keep as well as where you
should keep them and how long you should keep them. Note: This information
is from “Family Records: What to Keep Where and For How Long,”
by the North
Dakota State University Extension Service, Fargo, N.D."
Guide For Family Records
| Item |
Where |
How Long |
| PERSONAL and FAMILY |
|
|
| Birth, marriage and death certificates |
Safe deposit box or fireproof home
storage |
Permanently |
| Adoption and custody papers |
Safe deposit box or fireproof home
storage |
Permanently |
| Citizenship papers |
Safe deposit box or fireproof home
storage |
Permanently |
| Divorce and separation papers |
Safe deposit box or fireproof home
storage |
Permanently |
| Settlement agreements |
Safe deposit box or fireproof home
storage |
Permanently |
| Military papers |
Safe deposit box or fireproof home
storage |
Permanently |
| Will |
Signed original with probate division
of circuit court or safe deposit box (if jointly rented);
copy in home file |
As long as in effect |
| Advance directive (living will/durablepower
of attorney for health care) |
Home File, Safe deposit box and copies
with agents and family members |
Permanently
(update as needed) |
| Passports |
Home storage or safe deposit box |
Until replaced |
| Social security card |
Carry card; stub in home storage |
Permanently |
| Diplomas, transcripts |
Home storage or safe deposit box |
Permanently |
| Medical history |
Home file |
Permanently
(update as needed) |
| Employment records |
Home file |
Permanently |
| Inventory of valuable papers and advisors |
Home file; copy with trusted family
member or friend |
Permanently (update
at least annually) |
Guide For Family Records
| Item |
Where |
How Long |
| PROPERTY |
|
|
| Real property deeds, title papers,
abstracts, mortgage and other lien documents (include rental
property) |
Safe deposit box |
Duration of ownership or longer if
needed for tax purposes |
| Burial lot deed |
Safe deposit box |
Duration of ownership |
| Tax assessment notices, purchase contracts,
records of capital improvements (include rental property) |
Safe deposit box |
Duration of ownership or longer if
needed for tax purposes |
| Motor vehicle titles, purchase receipts
and licenses |
Safe deposit box |
Duration of ownership |
| Records of auto service/repair |
Home file |
Duration of ownership |
| Jewelry and other valuable items |
Safe deposit box if safety of family
may be threatened if kept in home |
Duration of ownership |
| Inventory of household goods and appraisals
(include rental property) |
Safe deposit box; copy in home file |
Permanent (update at least once a
year) |
| Auto insurance card and registration |
In vehicle (required by North Dakota
State law) |
Current only |
Guide For Family Records
| Item |
Where |
How Long |
| FINANCIAL |
|
|
| Stocks, bonds and other securities |
Safe deposit box; listing in home
file |
Duration of ownership or longer if
needed for tax purposes (usually up to six years) |
| Bank accounts, account registers and
statements |
Home file |
Duration of ownership or longer if
needed for tax purposes (usually up to six years) |
| Canceled checks |
Home file for non-tax deductible expenditures |
Three years minimum |
| Savings certificates |
Safe deposit box; listing in home
file |
Duration of ownership or longer if
needed for tax purposes (usually six years) |
| List of credit cards, credit contracts,
agreements, records of credit payments and account statements |
Home file |
Duration of account or obligation
or longer if needed for tax purposes (usually six years) |
| Insurance policies and records of
claims made and paid |
Home file; list of policies in safe
deposit box |
Permanently (update as needed) |
| Copies of past tax returns |
Home file |
Six years minimum |
| Receipts and records of deductible
expenses, income and tax payments |
Home file (current); fireproof home
storage after filing of taxes |
Six years minimum |
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