Your Important Papers: What to Keep and Where
MT199611HR
Revised December 2023
By Marsha Goetting, PhD, CFP®, CFCS, Professor and MSU Extension Economics Specialist; Keri Hayes, MSU Extension Economics Publications Assistant; and Katelyn Andersen, Rocky Mountain Laboratories’ Well-Being and Workplace Environment Facilitator
THE BEGINNING OF EACH NEW STAGE OR CHANGE IN LIFE calls for a fresh look at the types of records and papers to keep on file. Any recent
life change can be a good reminder to update important papers. Examples of life changes
include marriage, divorce, having a baby or adopting a child, buying, or selling property,
a death in the family, or changing jobs.
New roles and responsibilities call for new ways of keeping personal records. Households
can be viewed as mini businesses since many of the functions of planning, purchasing
and record keeping are the same as they are for any other type of business, large
or small. Keeping financial records is a vital part of life. They are important for
your credit standing, essential to help save money on income taxes, and provide a
continuing indication of your financial progress.
A systematic plan for keeping track of important papers can save hours of anxious
searching, can help preserve peace and harmony and make it easier to cope with emergency
situations. Record keeping, however, is more than a matter of neatness and order.
Legal and safety factors enter in as well. Some records and papers can be kept in
a home file for ready access, while others should be placed in a safe deposit box
or in a fireproof, waterproof, and burglar-proof home safe. A good rule to follow
is to keep the item at home unless it is a legal document difficult to replace or
duplicate. In that case the
document should be kept in a safe deposit box or left with your attorney.
Plan and evaluate the need for storage of all paper records to determine which should
be discarded and where they should be stored. Make your decisions and file each paper
accordingly. Do not just stack papers and plan to return to them later. This may result
in documents becoming lost and wasting valuable time searching for or replacing them.
Home Filing System
A home filing system for important documents is the key to managing family papers.
Items to be kept at home do not require filing cabinets or special offices. A corner
for storage can be set up in any room in the house. A cardboard drawer or metal box
can serve adequately for storage of bills and family papers. Set up filing systems
to meet your needs. Remember, every type of important paper should be assigned a certain
space and kept there until needed.
The following guide to record keeping will help you create a personalized and efficient
system for preserving and safeguarding important family papers. Moreover, it will
provide a handy reference for deciding what items to keep, why to keep them, where
they should be kept and how long to keep them.
If you are new to filing papers, first get organized by creating files in advance.
Make a folder for every section listed in this publication. When the time comes to
add a document, having a file ready will make you more likely to file it rather than
adding it to a stack of papers. If the family travels frequently or has critical medical
needs, prepare a file for each family member’s doctor records, past dental records,
immunization records, etc. for quick reference and
travel purposes.
Duplicate copies of many family papers should be kept at home for immediate reference.
Important reasons for storing some family papers at certain locations are explained
in each category. However, you are the one who makes the final decision about how
and where to store documents. You make the ultimate decision of what is best for you
and your family. There may be records which require more detail or less detail depending
on your stage in life.
Permanent and Semi-Permanent Records
Many records should be kept for long periods of time. Before deciding to toss any out, look them over carefully to see if they are permanent or semi-permanent records. Keep these types of records in a safe deposit box or a fireproof, waterproof, burglar-proof home safe – with a list of the contents in your home file. Because of the danger of identity theft, consider destroying any outdated documents that should be discarded. Important data to destroy or shred includes documents with name, address, Social Security Number, and debit/credit card numbers. Go through credit card offers and detach and destroy personal information.
Identity Theft
If your identity is stolen, contact the Montana Office of Consumer Protection, 406-444-4500
or 800-481-6896. The office will provide steps on how to recover from identity theft.
The Federal Trade Commission has a website for reporting identity theft and developing
a recovery plan. The site asks a list of questions and for a report of what happened.
The FTC uses the information to create a personal recovery plan.
Once you create an account, the site reviews each recovery step, and updates the plan
as needed. You determine how much personal information is provided to the FTC. The
FTC enters your information into a secure online database that law enforcement agencies
use in their investigations. The FTC pre-fills forms and letters for you to use and
tracks progress.
ITEMS TO KEEP
|
REASON FOR KEEPING
|
HOW LONG TO KEEP
|
---|---|---|
Family Records (Keep a copy of an inventory of important family records and their
location in your home file.)
|
||
Baptismal and confirmation records
|
Acceptable evidence of birth date when obtaining a birth certificate; proof of church
membership
|
Indefinitely
|
Copyrights and patents
|
Proof of ownership rights
|
Indefinitely
|
Immunization records
(COVID, smallpox, measles, etc.) |
Review to prevent unnecessary duplication of shots
|
Update as necessary
|
Insurance policies
(list of policy numbers, name of each insured, beneficiary, company, agent) |
Reference for kinds and amounts of coverage; provides record of payments and premiums
and location of policy; provides record of claims
|
Until collected or expires; or until claim settled; duplicate copies of policies can
be obtained from the insurance
company. |
Passport
|
Identification required for international travel
|
Retain expired passport to satisfy
application requirements for a new one, then discard or destroy. |
Wills
|
Reference; essential for settlement of estate
|
Keep original indefinitely in safe
deposit box or with attorney or Clerk of the District Court |
Property Records
|
||
Abstract for real estate
|
To prove clear title
|
Until property is sold
|
Burial lot deed (note number of plots)
|
Proof of ownership
|
Indefinitely
|
Deeds and mortgages; title policy; property insurance policy; mortgage;
receipts for payments on mortgage (Record day, month, and year you acquire or sell property; gross sale price; depreciation; legal fees and expense of sale) |
For income tax and estate tax purposes, keep records of improvements to compute capital
gains or losses
|
Until property is sold to prove adjusted
basis of your home |
Household inventory
(appraisals, photos/videos of valuables) |
Insurance claims
|
Update annually; dispose of when
property is no longer owned |
Property easements
|
Proof of use rights
|
Until property is sold
|
Vehicle title and bill of sale
|
Proof of ownership
|
Until vehicle is sold
|
Financial Records
|
||
Contracts and debts
(promissory notes, mortgages, liens, installment contracts) |
Evidence of collectible or payable debts; status for estate settlement
|
Until estate is settled
|
Household inventory
(include warranties, description of item, date purchased, and purchase price) |
For insurance settlement
|
Keep up to date as you dispose of or
add new items |
Securities
(stocks, bonds, mutual funds, certificates of deposit, and U.S. Savings Bonds) |
Proof of purchase
|
After redemption amount received
and income taxes are settled on gain or loss |
Legal Records
|
||
Adoption papers
|
To prove ages to start to school; for obtaining birth certificates for some jobs;
to obtain driver’s license; for marriage license; for registering to vote; to qualify
for Social Security benefits; to obtain passports; to determine estate heirs
|
Indefinitely
|
Birth certificate
(certified copy or original) |
Proof of birth
|
Indefinitely
|
Citizenship and naturalization papers
|
To obtain certain types of jobs; to obtain passport; prove eligibility to vote
|
Indefinitely
|
Death certificates
|
Proof of death for Social Security benefits and estate settlement
|
Until benefits are secured, and estate settled; note cause of death for family health
history
|
Divorce decree
(dissolution of marriage) |
To clear legal requirements for remarriage
|
Indefinitely
|
Marriage records/settlement order
|
For proof of marriage to collect insurance, Social Security, or retirement benefits/divorce
settlement; Veteran’s federal benefit pension compensations; to settle estate
|
Until all claims are settled, benefits
|
Military service record and summary of benefits
|
To qualify for retirement, insurance, medical, education, burial and other benefits
|
Indefinitely
|
ITEMS TO KEEP
|
REASON FOR KEEPING
|
HOW LONG TO KEEP
|
---|---|---|
Family Records
|
||
Burial plan documents
|
Reference
|
Indefinitely, update as needed
|
Digital subscriptions and websites
(passwords and codes) |
Access as needed
|
As long as subscription lasts
|
Education records/diplomas
|
Proof of attendance and degrees
|
Indefinitely
|
Employment records
|
To determine retirement benefits or if there is a worker’s compensation claim
|
Keep last official announcement;
earned benefits; keep record until all worker’s compensation claims are settled; keep beyond retirement in case you decide to re-enter the workforce |
Family advisers
(names, addresses, telephone numbers, and email addresses) |
Reference when needed (when medical or legal issues arise)
|
Until property is sold, or policy expires and until all claims are settled; review
annually
|
Insurance policies
(vehicles and vessels; personal liability; homeowner’s or renters; life; health; disability) |
Reference for details of coverage
|
Keep original indefinitely in safe
deposit box or with attorney or Clerk of the District Court |
Keys
(labeled – to safe-deposit box, car, house, home safe; safe combination) |
Access as needed
|
Until property is sold, or safe-deposit
box is relinquished |
Licenses and certifications
(copy) |
To verify credentials
|
Usually displayed; replace with most
recent verification; keep copy in a safe place |
Medical history
(immunizations, operations, illness, medications, etc.) |
Reference
|
Indefinitely on all family members;
update often |
Organizational memberships
|
Reference
|
Until membership is dropped
|
Record of important papers
|
Reference
|
Indefinitely; update as needed
|
Subscriptions
(titles with order and renewal dates; membership details) |
Reference
|
Until subscription expires; handle
complaints or cancellations |
Property Records
|
||
Easements, mineral and surface leases
|
Proof of payment
|
Indefinitely
|
Guarantees and warranties
|
For proof of date of purchase; to determine service and parts
guaranteed |
Until no longer valid
|
Household inventories
(record item, cost and date of purchase or sale; take digital photographs of rooms and items) |
Proof of payment for insurance claims to establish values; net worth statements; Pictures
of items are helpful when making claims
|
Indefinitely; keep list up to date as you dispose of or add household items; make
a copy for safe deposit box
|
Owner manuals
(for appliances and other equipment) |
For reference on use and care/repair, warranties, guarantees
|
Until sold or discarded
|
Pets
(pedigree, health and license records) |
Identification
|
Until pet dies or someone else
becomes owner |
Vehicle
(certificate of title and bills of sale) |
Essential for transfer to new owner when vehicle is sold or traded
|
Until vehicle is sold
|
Financial Records
|
||
Account books
(goals, spending plan, record of income and expenses, savings) |
For reference and comparison; used to determine net worth and make changes in income
and spending patterns
|
Personal choice; shows saving
accumulation over multiple years |
Checking accounts
(number, location, and photocopy pages of checks; electronic transfer card (EFT)) |
List all account numbers with addresses, phone numbers; save
payment records needed for income tax deductions and proof of important payments |
Minimum of at least six years
|
Credit and debit card information
(names, addresses and phone numbers of issuing companies; card numbers; photocopy front and back of all cards) |
Purchase of items on credit; use of card and payment of balances due can help aid
in getting a higher credit score
|
If card is not in current use, destroy
and cancel by writing to credit card company; if lost or stolen, notify company immediately by phone |
Financial institution monthly statements
|
Evidence of collectible or payable debts; status for estate settlement
|
Until estate is settled
|
Household inventory
(include warranties, description of item, date purchased, and purchase price) |
Reference for completed transactions; deposits and withdrawals
|
Keep account locations and numbers in
safe deposit box; minimum of a year |
Housing records
(improvement receipts, lease/rental agreement copies, utility deposit receipts, mortgage payments, property tax records) |
Compute capital gains/losses; income tax basis in residential replacements
|
Keep records until property is sold,
which is typically three years after the due date for filing your return for the tax year in which the property was sold |
Income tax returns
(federal and state returns with substantiating records) |
Verification of taxes paid
|
Three years minimum for possible IRS
audit; six years if 25% of gross income omitted; unlimited if a fraudulent return was filed |
Investments
(copies of mutual funds, stocks, bonds, real estate, etc.) |
Statement of earnings and transactions as reference information
|
Keep initial and current investment
quarterly statements |
Receipts and paid bills
|
Proof of payment; for charge accounts – if they are tax deductible; proof of value
on insurance claims
|
Keep credit card receipts until bill is
paid; keep larger item receipts while items are in your possession |
Retirement records
(employee pensions, annuities, Keoghs and IRAs) |
For reference, proof of employer - employee contributions, payments and
benefits received or payable |
Until fund is exhausted
|
Safe deposit box inventory
|
Information for family members
|
Revise list annually
|
Legal Records
|
||
Durable Power of Attorney for Finances
(specify the extent of power delegated to one or more persons: and for financial decisions) |
Gives others the power to make financial decisions when you are no longer able to
make decisions on your own
|
Replace with latest version if changes
are made |
Durable Power of Attorney for
Health Dare |
Gives others the power to make health care decisions when you are no longer able to
make decisions on your own
|
Keep until updated
|
Living will, called declaration
(original with additional copies made for individuals you want to be aware of your end-of-life wishes) |
For reference specifying your end-oflife care; instructions to your doctor and other
health care providers (i.e., hospital, nursing facility, hospice, or home health agency;
instructions for close family members)
|
Keep a list of where copies are distributed to provide most recent copy if changes
are made; store in Montana End-of-Life Registry,
www.endoflife.mt.gov |
Personal representative; guardian and conservator appointments
|
For official notification of agent to settle estate and provide care for minor children
and manage their finances
|
Until official duties are completed
|
Social Security Card
|
Needed to apply for benefits; identification number needed on many types of applications
and records
|
Indefinitely, do not carry in your wallet/
purse because your identity could be stolen with your wallet/purse |
Written will and/or trust (copies);
separate listing of tangible personal property; Letter of Last Instruction |
Unsigned copy of will for home reference
|
Update when written will or trust is
changed |
Safe deposit box inventory
|
Information for family members
|
Revise list annually
|
ITEMS TO KEEP | REASON FOR KEEPING |
---|---|
Auto insurance card | To identify issuer in case of accident |
Credit and/or electronic banking cards | To pay for or charge purchases; to make other transactions |
Doctor preferred | Notification in case of emergency |
Donor card (may also be on driver’s license) |
To donate body organs and to donate body to medical school or training program for use in medical education or research. For further information, see the MSU Extension MontGuide, Montana Body Donation Program: A Potential Component of an Estate Plan (MT201804HR) |
Driver’s license |
Identification and evidence of legal eligibility to drive |
Health insurance card (Medicare and/or other) |
Identification to use at doctor’s office and/or during hospital admittance |
Medical information (blood type, allergies, diseases such as diabetes, heart disease, epilepsy) |
Emergency treatment. Place note in household files for ready reference in case of loss |
Personal identification (name, address, and phone number for yourself and friend or relative contact) |
Identification, especially in case of emergency |
Grab-n-Go Emergency Bucket, Box, or Backpack
Because an emergency can arise quickly and there is not enough time before a family is ordered to evacuate, they can put together a “Grab-n-Go” Emergency Bucket or Tote/Backpack. This emergency pack can contain copies of important papers to quickly take without thinking and trying to find: Credit and banking information, driver’s license, birth certificates, insurance information including auto, health, medical, and home, any important medical information such as medication and immunization records, household inventory list of usernames and passwords for accounts accessed on the Web, extra set of keys to vehicles, home, safety deposit box or safe, and enough cash to purchase fuel for vehicle, food, and lodging for several days.
Other Related MSU Extension MontGuides
The Montana Legislature has passed the Revised Uniform Fiduciary Access to Digital
Assets Act. The Act allows Montanans to give consent to trusted individuals for access
to their electronic communications and other digital assets.
- Fiduciary Access to Electronic Communications and Digital Assets (MT202304HR)
- Digital Assets Worksheet (Fillable PDF)
https://www.montana.edu/estateplanning/digitalsssetsworksheet.pdf
To download more free online MontGuides or order other publications, visit our online catalog at https://store.msuextension.org, contact your county or reservation MSU Extension office, or e-mail orderpubs@montana.edu.
Copyright © 2023 MSU Extension
We encourage the use of this document for nonprofit educational purposes. This document
may be reprinted for nonprofit educational purposes if no endorsement of a commercial
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to the author and MSU Extension. To use these documents in electronic formats, permission
must be sought from the Extension Communications Director, 135 Culbertson Hall, Montana
State University, Bozeman, MT 59717; E-mail: publications@montana.edu
The U.S. Department of Agriculture (USDA), Montana State University and Montana State
University Extension prohibit discrimination in all of their programs and activities
on the basis of race, color, national origin, gender, religion, age, disability, political
beliefs, sexual orientation, and marital and family status. Issued in furtherance
of cooperative extension work in agriculture and home economics, acts of May 8 and
June 30, 1914, in cooperation with the U.S. Department of Agriculture, Cody Stone,
Director of Extension, Montana State University, Bozeman, MT 59717.
Marsha Goetting Ph.D., CFP®, CFCS
MSU Extension Family Economics Specialist
Montana State University
Extension Economics
P.O. Box 172800
Bozeman, MT 59717-2800
Tel: (406) 994-5695
Location: 208C Linfield Hall