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A guide to safekeeping and managing paper records
Following is a discussion of what you need to keep, where we recommend you keep it, and when you can discard it. Keeping these records stored safely, where you and others can find them, can save you time and increase the likelihood that they will not get lost or misfiled.
Permanent records
For permanent records and documents that cannot be easily replaced, the originals should be stored in a safe and secured place, with protection from water, fire, and theft. A bank safe deposit box should be used for storing documents that are infrequently used and are not needed on short notice. Originals required more often can be stored in a fire- and burglar-resistant safe. Following is a list of original documents which would require safekeeping on a permanent basis.
- Adoption papers
- Birth certificate
- Cemetery deed
- Citizenship papers
- Death certificate
- Diploma
- Divorce decree
- Guardianship arrangements
- Health/immunization records
- Household inventory with photos
- Insurance policy/invoices
- Lawsuits
- Letter of last instructions
- Marriage certificate
- Medical directive
- Military discharge
- Naturalization certification
- Passport
- Power of attorney
- Social Security card
- Trust document
- Veteran’s papers
- Wills
The original documents should never be discarded unless they are updated or replaced. Copies of these documents should be provided to the appropriate individuals (trustees, executors, attorneys, etc.). Also, you may want to consider scanning the originals and saving a copy electronically to a storage device or secured web-based filing system.
Temporary records
For temporary documents, such as tax and other financial records, these items can be typically stored in a locked filing cabinet. These items should be retained while they are current and active. You will have the ability to destroy these items once they become outdated. If any of the documents listed below relates to an item of income, deduction, or basis that you reported on your tax return, you may need to keep them long after the underlying asset or income is gone in order to support your tax filings. For detailed recordkeeping information related to tax returns and their supporting documents, refer to IRS Publication 17 (Part 1, What Happens After I File?). For other documents, a general time frame for keeping records is seven years. An attorney in your state can tell you if the time period should be longer based on state law.
- Annuity contract
- Bank statement
- College financial aid
- Credit card statement
- Employment contract
- Form 8606
- Home/real estate purchases and improvements*
- Investment account statement
- Loan agreement/statement
- Passwords
- Pension/Retirement plan documents
- Personal property tax receipt
- Property tax assessment
- Receipt (items under warranty)
- Receipt (expensive items)
- Social Security statement
- Stock/bond certificate
- Tax return/supporting documents
- Vehicle title/registration
- Warranty (with stapled receipt)
*Deeds, surveys, title policies, blueprints, loan papers, homeowner’s warranty, receipts, etc.
To assist with document management and file retention, following are additional points to consider:
- To prevent additional time searching, it is advisable to keep an updated inventory list of all permanent and temporary files.
- Shredding is one of the best ways to dispose of outdated records and files. Invest in a personal shredder or engage a professional shredding service to discard items.
- Shred items that contain Social Security and account numbers, birth dates, or any other sensitive personal information.
- If you have a question about what to keep or when to discard a certain item, contact your tax advisor or attorney.
Talk to a Wells Fargo Professional
We welcome the opportunity to work with you to help you achieve your planning goals. Contact us for more information and to learn about how we can assist you.
