In her Washington Post article on April 19, 2024, award winning personal finance columnist Michelle Singletary provides an excellent list of what she terms “forever documents” that should be saved in the midst of your Spring cleaning.
Singletary’s list of “forever documents” includes her recommendation for keeping the following original documents in a safe place (save copies if the originals cannot be found):
~ Birth certificates and adoption papers
~ Death certificates
~ Marriage and divorce records
~ Social Security cards
~ Military service records, including discharge documents
~ Loan payoff statements
~ Year-end pay stubs
~ Retirement or pension records
~ Estate documents
~ Funeral programs for relatives (not just obituary)
Singletary also reminds that some documents are worth retaining, depending upon the circumstances:
~ Loan documents (while Loan is pending; save payoff doc & release after)
~ Vehicle title: Keep the original as long as you own the vehicle
~ Receipts for big-ticket items (for insurance purposes, during ownership)
~ Home improvement receipts, canceled checks (until you sell the home)
~ Investment account statements that are not available to you online
~ Tax records (often 7 years is worthwhile for our clients)
~ Medical bills (3 to 7 years if you paid with HSA or flexible spending account)
~ Credit card statements (one year, unless disputes are pending)
All good thoughts to keep in mind. Are you scanning as a substitute for paper retention or as a backup? If so, be sure that your family knows where to find the important papers (particularly the persons who will act for you under a Power of Attorney, or your Trust, or your Last Will and Testament).
Michelle Singletary’s Article can be found here: https://apple.news/AvHB6FXx1S9mn7l9mxQo20Q
If you need assistance to scan materials for safekeeping, we can provide help or suggest resources for you.
If you would like to discuss your Estate Planning documents or your Estate Planning goals, reach out to Attorney Marc Sherman by phone to (847) 674-8756 or by email to msherman@mshermanlaw.com.