|
 Are
you concerned about identity theft? Do you leave sensitive
financial documents lying around the house? Not sure what
to shred and what to keep? Keeping your financial records
stored safely not only saves you time and prevents lost documents,
but it can also help to prevent identity theft.
An estimated 9.9 million Americans were
victims of identity theft in 2004. Typically, it
takes 14 months before a victim discovers identity theft—then
it can take years to resolve.
The information
below shows you what you need to keep and what you can shred.
- Check all your drawers (home and work),
filing cabinets, folders, boxes, glove compartments,
closets, even your safe deposit box.
- Start by stacking all the paper in one big
pile.
- Then separate the papers into
the following five groups:
| 1. Originals you rarely need |
Store in: |
Shred after: |
Give copies to: |
| Adoption papers |
Home fire proof safe or Credit Union
safety deposit box |
Never
discard |
Executor,
lawyer |
| Citizenship papers |
Home fire proof safe or Credit Union
safety deposit box |
Never discard |
Executor |
| Divorce decree |
Home fire proof safe or Credit Union
safety deposit box |
Never
discard |
Lawyer |
| Lawsuits |
Home fire proof safe or Credit Union
safety deposit box |
Never discard |
Lawyer |
| Household inventory |
Home fire proof safe or Credit Union
safety deposit box |
Never
discard |
Financial
advisor |
| Photos of possessions |
Home fire proof safe or Credit Union
safety deposit box |
Never discard |
Financial advisor |
| Military discharge |
Home fire proof safe or Credit Union
safety deposit box |
Never
discard |
|
| Veteran’s papers |
Home fire proof safe or Credit Union
safety deposit box |
Never discard |
|
| 2. Originals you sometimes need |
Store in: |
Shred after: |
Give copies to: |
| Birth
certificate |
Fire
and burglar resistant safe at home |
Never
discard |
|
| Cemetery deed |
Fire and burglar resistant
safe at home |
Never discard |
Heir |
| Real
Estate Deeds |
Fire
and burglar resistant safe at home |
Ten
years after property is sold |
|
| Death certificates |
Locked filing cabinet |
Never discard |
Executor |
| Diplomas |
Fire
and burglar resistant safe at home |
Never
discard |
|
| Guardianship arrangements |
Fire and burglar resistant
safe at home |
Never discard |
Executor,
guardian |
| Health
records |
Fire
and burglar resistant safe at home |
Never
discard |
Doctor |
| Immunization records |
Fire and burglar resistant
safe at home |
Never discard |
Doctor |
| Marriage
certificates |
Fire
and burglar resistant safe at home |
Never
discard |
Executor |
| Medical directive |
Fire and burglar resistant
safe at home |
New one
signed |
Doctor, heir |
| Naturalization
Certification |
Fire
and burglar resistant safe at home |
Never
discard |
|
| Passports |
Fire and burglar resistant
safe at home |
It
expires |
|
| Powers
of attorney |
Fire
and burglar resistant safe at home |
New
one signed |
Doctor,
heir |
| Retirement plan benefits |
Fire and burglar resistant
safe at home |
Never discard |
Financial
advisor |
| Social
Security card |
Fire
and burglar resistant safe at home |
Never
discard |
|
| Stock/bond certificates |
Fire and burglar resistant
safe at home |
When sold |
|
| Vehicle
titles |
Fire
and burglar resistant safe at home |
Vehicle
is sold |
|
| Trusts |
Fire and burglar resistant
safe at home |
New one
signed |
Executor,
heir |
| Wills |
Fire
and burglar resistant safe at home |
New
one signed |
Executor,
heir |
| 3. Other Documents |
Store in: |
Shred after: |
Give copies to: |
| College
financial aid |
Locked
filing cabinet |
Ten
years after loan is repaid |
|
| Credit report |
Fire and
burglar resistant safe at home |
New
one arrives |
Financial
advisor |
| Document
inventory (this list) |
Fire
and burglar resistant safe at home |
You
create a new list |
Executor |
| Employee benefits |
Locked filing
cabinet |
Change jobs |
|
| Employment
contract |
Fire
and burglar resistant safe at home |
Change
jobs |
|
| Financial statements |
Fire and burglar
resistant safe at home |
New
ones drafted |
|
| Insurance
policies/invoices |
Locked
filing cabinet |
A
year after replacing policy |
Financial
advisor |
| Letter of last instructions |
Fire and
burglar resistant safe at home |
After writing
a new one |
Executor |
| Loan statements |
Locked filing
cabinet
or ... eStatements |
Ten years
after loan is repaid |
|
| Passwords |
Fire
and burglar resistant safe at home |
Change
password |
|
| Property tax assessment |
Locked filing
cabinet |
New one arrives |
|
| Receipts
(items under warranty) |
Locked
filing cabinet |
Warranty
expires |
|
| Receipts (expensive items) |
Fire and
burglar resistant safe at home |
Item sold
or donated |
|
| Safe deposit
box inventory |
Fire
and burglar resistant safe at home |
Updated |
Executor |
| Social
Security statement |
Locked
filing cabinet |
New
one arrives |
Financial
advisor |
| Transcripts |
Locked
filing cabinet |
You
complete another course |
|
| Vehicle
registration |
Locked
filing cabinet |
New
one arrives |
|
| Vehicle
repairs |
Locked
filing cabinet |
Vehicle
is sold |
|
| Warranties* |
Locked
filing cabinet |
Dispose
of item |
|
*Note: staple receipts to warranties
| 4. Tax Documents |
Store in: |
Shred after: |
Give copies to: |
| Credit Union statements |
Locked
filing cabinet or ...
eStatements |
Seven
years |
|
| Canceled checks |
Locked filing cabinet |
Seven years |
|
| Credit card statements |
Locked
filing cabinet
or ...eStatements |
Seven
years |
|
| Home purchase/improvement* |
Locked filing cabinet |
Seven years after home
is sold |
|
| Tax return/supporting
documents |
Locked
filing cabinet |
Seven
years after filing date |
|
| Form 8606 |
Locked filing cabinet |
Seven years after IRA
is liquidated |
|
*deeds, surveys, title policies, blueprints,
loan papers, receipts, etc.
| 5. Investment Documents |
Store in: |
Shred after: |
Give copies to: |
| Annuity contracts |
Locked
filing cabinet |
Annuity
paid out |
Financial
advisor |
| Loan agreements |
Locked filing cabinet |
Ten years after loan
is repaid |
|
| Pension plan documents |
Locked
filing cabinet |
Never
discard |
Financial
advisor |
| Real Estate purchase/improvements |
Locked filing cabinet |
Seven years after property
is sold |
|
| Investment account
statements |
Locked
filing cabinet |
Seven
years after last investment held in account
is sold |
|
© Excerpted from Inside
Personal Finance, 2004 |
1-800-445-4483