Tuesday, May 23, 2017
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Tom Gilliam
RE/MAX Classic

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Inside This Edition
Great Returns
12 Ways To Invest Less Than $1,000 In Your Home And Sell It For More
Read More >
Insurance
Know-How For Making A Claim
Read More >
Sniff Test
Odor, Odor Go Away
Read More >
Numbers That Matter
What Is Your Credit Score?
Read More >
Buying Smart
The Best Way To Handle A Seller’s Market Is With Your Head, Not Your Heart
Read More >
File It Away
Conquer That Mountain Of Paperwork
Read More >
 
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 6

File It Away

Conquer That Mountain Of Paperwork

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One of the first steps to get a handle on household clutter, say organizing gurus, is to get your paperwork in order. Of course, one homeowner’s idea of what’s important to save may be completely different from another’s. How do you decide what to keep and what to toss? Here’s a handy list for paper packrats (or those who live with them!):

Keep these forever:

  • Birth certificate
  • Marriage certificate
  • Death certificate
  • Social Security card
  • Military-discharge paperwork
  • Adoption papers
  • Divorce decree

Keep home-related papers indefinitely (or at least as long as you own the home):

  • Home sales contract
  • Mortgage loan papers
  • Appraisals, surveys, inspections
  • Home improvement records
  • Homeowners insurance policy—Toss if they’ve expired, you’ve replaced them or you no longer need them to file a claim.

Keep these at least seven years:

  • State and federal tax returns (including filed returns for estates and trusts)
  • Bank statements
  • Credit card statements (if needed for tax purposes)
  • Statements from investment brokerages
  • Records of any insurance payouts

Keep only the latest copies of these in a secure place, preferably in a safe-deposit box or with an attorney:

  • Will and estate plans
  • Living will and other health-care directives
  • Living trusts
  • Power of Attorney



© Gooder Group, Gaithersburg, MD 2017. All Rights Reserved. CHR Vol. 21, No. 5. Images © iStock.
Not intended as professional tax advice. Be sure to consult your tax advisor.
This is not intended as a solicitation of another broker's client or listing.

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