Documents You Should Keep, and How to Store Them
Personal Identification Original birth certificates are crucial for proving identity. Even if expired, keep your most recent passports and driver’s licenses for identification purposes. Social Security cards are essential for tax purposes and government benefits. surgeries, chronic illnesses, and immunizations in your medical history. Keep your Medicare or private insurance details readily available. Advance directives like living wills or healthcare proxies can help outline your healthcare wishes. Financial Documents Health Records Include a summary of past You should retain the past seven years of tax returns, though some experts recommend keeping them longer for historical reference. Keep statements from your IRAs, 401(k)s, or pensions, as well as the past year’s bank statements. Also, retain mortgage documents, loan agreements, and credit reports. Estate Planning Keep updated wills and trusts that outline how you wish your assets to be distributed. If applicable, keep power of attorney documents handy to grant someone else the authority to make decisions on your behalf. Retain any pre-paid funeral arrangements or written wishes. Property Records Store deeds and titles for any properties or vehicles you own. Keep home improvement records, particularly if they affect the home’s value for tax purposes. Legal Documents Marriage and divorce certificates are necessary for proving marital status in legal or financial matters. Military service records are critical for veterans’ benefits and honors.
As we accumulate years of life experience, the number of important documents we gather can be overwhelming. These documents serve as the foundation of our personal and financial histories and knowing what to keep – and how to store it all – can provide peace of mind and ensure everything is in order when you need it. Here’s a guide to the essential documents you should retain and tips on how to manage them effectively.
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