Managing Household Records
When was the last time you
couldn't find an important paper you knew you had carefully put away? How do
people decide where to store and keep such records? And how do they know what
to keep, what to throw away, and when? Do you have an easy to figure out system
you or a loved one can refer to in case of an emergency?
Every household must work
out its own system, but some general guidelines can be helpful. A good system
will provide a bird's-eye view of what happens to property after you die or
when a member of your household dies. Other changes can alter plans too---for
example, divorce, a natural disaster, loss of a job, or retirement.
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 Getting It Together
You need to know what you
have, which means you'll need to go through the house and gather your
documents. Decide where you're going to place your stacks, your "staging area." It
could be your office, a corner of the den, or wherever you know your important
papers can accumulate undisturbed as you assemble them.
Next, go on your paper
chase. Check all those drawers, bins, etc. for loose papers and bring them to
your staging area. This isn't the time on deciding what to throw away. It's
better to focus on this single task, to avoid feeling distracted or
overwhelmed.
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Safe Deposit Box
If you don't have one, get a
safe deposit box in a bank convenient to your home. In many cases, banks will let
you take out a box, even if you're not a customer. Remember that you should use
your safe deposit box for originals; you'll still need copies at home if
something tragic should happen to you and your safe deposit box is sealed. If
you'd rather have your records at home, then get a fireproof safe. A good rule
of thumb is: Put documents in the box if you can't easily replace them or if
you don't know what might happen if you don't have it.
If applicable, you should
have official or certified copies of the following for the safe deposit
box:
- Birth certificates
- Citizenship papers
- Marriage certificates
- Adoption papers
- Divorce decrees
- *Wills
- *Advance
directives
- *Powers of
attorney
- Death certificates
- Deeds
- Titles to
cars
- Household
inventory
- Veteran's papers
- Bonds and stock
certificates
- Important contracts
- Passports
*Since the safe deposit box
will be sealed at your death, keep a copy of your will someplace accessible.
The same goes for the advance directive and the power of attorney since you may
not be able to give others access to the safe deposit box.
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Active
File
These are the papers and
financial records you deal with on a regular basis and need to refer to. Keep
these readily accessible at home.
- Tax receipts, i.e., such
as those received for charitable deductions
- Unpaid bills
- Paid bill receipts
- Current bank statements
- Current cancelled checks
- Income tax working papers
- Employment records
- Health benefit
information
- Credit card
information
- Record of passwords
- Insurance policies
- Family health records,
including vaccination histories
- Appliance manuals and
warranties
- Receipts of items under
warranty
- Education information
such as copies of diploma, transcripts
- Inventory of safe deposit
box (and key)
- Loan statements
- Loan payment books
- Receipts for expensive
items not yet paid for
Dead
Storage
All active file papers over
3 years old. This may not necessarily apply to everything, for example,
appliance manuals to which you frequently use.
Items to
Discard
- Salary statements (after
checking on W-2 Form)
- Cancelled checks for cash
or nondeductible expenses
- Expired warranties
- Coupons after expiration
date
- Other records no longer
needed such as those that were replaced by newer versions, manuals of
appliances that were replaced, etc.
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How Long to
Keep It
| Document |
How Long To Keep
It |
| Bank statements |
6 years |
| Birth certificates |
Forever |
| Canceled checks |
6 years |
| Contracts |
Until updated |
| Credit card account numbers |
Until updated |
| Divorce Papers |
Forever |
| Home purchase and improvement records |
As long as you own the property or are rolling over profits from it into new property |
| Household inventory |
Until updated |
| Insurance, life |
Forever |
| Insurance, car, home, etc. |
Until updated |
| Investment Records |
6 years after tax deadline for year of sale |
| Investment certificates |
Until cashed or sold |
| Loan agreements |
Until updated |
| Military service records |
Forever |
| Real estate deeds |
As long as you own the property |
| Receipts for large purchases |
Until sold or discarded |
| Service contracts and warranties |
Until sold or discarded |
| Social Security card |
Forever |
| Tax returns |
6 years from filing date |
| Vehicle titles |
Until sold or disposed of |
| Will |
Until updated |
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Other Resources
This is just a brief
overview. For more information, check out these
resources: Read these
publications online:
Websites*:
* Names of resources and
organizations included in this online article are provided as examples only,
and their inclusion does not mean that they are endorsed by the Savvy Consumer
Information Center or any Government agency. Also, if a particular
resource or organization is not mentioned, this does not mean or imply that it
is unsatisfactory.
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For more information on other popular consumer issues check out our
Consumer Focus
Archive.
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