Going through the spring cleaning process makes it seem easy to toss or shred everything, but that could be a big mistake if you eliminate some of these documents that you should hold on to indefinitely.
These details include:
-Income tax returns.
-Personally identifying documents like social security cards, birth certificates, and outdated and current passports.
-Educational records, like your transcripts, degrees or diplomas.
-All financial planning and estate planning records, like your trust documents, living wills, wills, power of attorney designation, pension plan materials, burial details and medical information.
-Retirement and investment account statements. These quarterly statements should be held until you get the annual statement upon which time you can shred the quarterly.
-Receipts for all major purchases. Possible insurance claims and warranty issues should cause you to keep these as long as possible.
-Loan documentation and vehicle titles. Hold to these for at least several years until after the transaction is completed but it can be beneficial to keep them longer.
-Legal documents like lawsuit settlements, divorce certificate and marriage certificates.
It’s a good idea to set up a consultation with an experienced Pasadena estate planning attorney if you have further questions.
