{"id":1402,"date":"2015-08-31T16:16:12","date_gmt":"2015-08-31T20:16:12","guid":{"rendered":"http:\/\/www.paageetcie.com\/blog\/?page_id=1402"},"modified":"2015-08-31T16:26:32","modified_gmt":"2015-08-31T20:26:32","slug":"good-record-retention-and-beyond-1","status":"publish","type":"page","link":"http:\/\/www.paageetcie.com\/blog\/good-record-retention-and-beyond-1\/","title":{"rendered":"Good Record Retention and Beyond 1"},"content":{"rendered":"
\n

\"Record-Retention\"Personal Records Retention<\/strong><\/h2>\n

What to Keep<\/strong><\/p>\n

We tend not to think much about keeping important papers – that is, until an emergency occurs or the Internal Revenue Service comes calling!<\/p>\n

 <\/p>\n

Keeping good records is important because:<\/strong><\/p>\n

\u2022 Records help in estate settlement and insurance or benefit claims
\n\u2022 Death, fire or theft may call for records to establish ownership
\n\u2022 Records help substantiate income tax deductions.
\n\u2022 If someone makes a mistake or official records are destroyed, your records may be needed.
\n\u2022 Your past records can help you plan future spending and keep tabs on your current and past financial situation.
\n\u2022 Records could shorten the time it takes to collect insurance, military benefits, veteran’s benefits or an income tax refund.
\n\u2022 And much more!<\/p>\n

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 \u201cFamily Records: What to Keep Where and For How Long,\u201d by the North Dakota State University Extension Service, Fargo, N.D<\/a>.”<\/p>\n

<\/div>

<\/p>\n

Guide For Family Records –\u00a0PERSONAL and FAMILY<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/b><\/td>\nWhere<\/b><\/td>\n\u00a0How Long<\/b><\/td>\n<\/tr>\n
Birth, marriage and death certificates<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Adoption and custody papers<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Citizenship papers<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Divorce and separation papers<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Settlement agreements<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Military papers<\/td>\nSafe deposit box or fireproof home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Will<\/td>\nSigned original with probate division of circuit court or safe deposit box (if jointly rented); copy in home file<\/td>\nAs long as in effect<\/td>\n<\/tr>\n
Advance directive (living will\/durablepower of attorney for health care)<\/td>\nHome File, Safe deposit box and copies with agents and family members<\/td>\nPermanently
\n(update as needed)<\/td>\n<\/tr>\n
Passports<\/td>\nHome storage or safe deposit box<\/td>\nUntil replaced<\/td>\n<\/tr>\n
Social security card<\/td>\nCarry card; stub in home storage<\/td>\nPermanently<\/td>\n<\/tr>\n
Diplomas, transcripts<\/td>\nHome storage or safe deposit box<\/td>\nPermanently<\/td>\n<\/tr>\n
Medical history<\/td>\nHome file<\/td>\nPermanently
\n(update as needed)<\/td>\n<\/tr>\n
Employment records<\/td>\nHome file<\/td>\nPermanently<\/td>\n<\/tr>\n
Inventory of valuable papers and advisors<\/td>\nHome file; copy with trusted family member or friend<\/td>\nPermanently (update
\nat least annually)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/h2>\n

Guide For Family Records –\u00a0PROPERTY<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/b><\/td>\nWhere<\/b><\/td>\nHow Long<\/b><\/td>\n<\/tr>\n
Real property deeds, title papers, abstracts, mortgage and other lien documents (include rental property)<\/td>\nSafe deposit box<\/td>\nDuration of ownership or longer if needed for tax purposes<\/td>\n<\/tr>\n
Burial lot deed<\/td>\nSafe deposit box<\/td>\nDuration of ownership<\/td>\n<\/tr>\n
Tax assessment notices, purchase contracts, records of capital improvements (include rental property)<\/td>\nSafe deposit box<\/td>\nDuration of ownership or longer if needed for tax purposes<\/td>\n<\/tr>\n
Motor vehicle titles, purchase receipts and licenses<\/td>\nSafe deposit box<\/td>\nDuration of ownership<\/td>\n<\/tr>\n
Records of auto service\/repair<\/td>\nHome file<\/td>\nDuration of ownership<\/td>\n<\/tr>\n
Jewelry and other valuable items<\/td>\nSafe deposit box if safety of family may be threatened if kept in home<\/td>\nDuration of ownership<\/td>\n<\/tr>\n
Inventory of household goods and appraisals (include rental property)<\/td>\nSafe deposit box; copy in home file<\/td>\nPermanent (update at least once a year)<\/td>\n<\/tr>\n
Auto insurance card and registration<\/td>\nIn vehicle (required by North Dakota State law)<\/td>\nCurrent only<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/b><\/p>\n

Guide For Family Records –\u00a0FINANCIAL<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/b><\/td>\nWhere<\/b><\/td>\nHow Long<\/b><\/td>\n<\/tr>\n
Stocks, bonds and other securities<\/td>\nSafe deposit box; listing in home file<\/td>\nDuration of ownership or longer if needed for tax purposes (usually up to six years)<\/td>\n<\/tr>\n
Bank accounts, account registers and statements<\/td>\nHome file<\/td>\nDuration of ownership or longer if needed for tax purposes (usually up to six years)<\/td>\n<\/tr>\n
Canceled checks<\/td>\nHome file for non-tax deductible expenditures<\/td>\nThree years minimum<\/td>\n<\/tr>\n
Savings certificates<\/td>\nSafe deposit box; listing in home file<\/td>\nDuration of ownership or longer if needed for tax purposes (usually six years)<\/td>\n<\/tr>\n
List of credit cards, credit contracts, agreements, records of credit payments and account statements<\/td>\nHome file<\/td>\nDuration of account or obligation or longer if needed for tax purposes (usually six years)<\/td>\n<\/tr>\n
Insurance policies and records of claims made and paid<\/td>\nHome file; list of policies in safe deposit box<\/td>\nPermanently (update as needed)<\/td>\n<\/tr>\n
Copies of past tax returns<\/td>\nHome file<\/td>\nSix years minimum<\/td>\n<\/tr>\n
Receipts and records of deductible expenses, income and tax payments<\/td>\nHome file (current); fireproof home storage after filing of taxes<\/td>\nSix years minimum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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