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Home > Consumer Focus Archive > Managing Household Records
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Consumer Focus: Managing Household Records
This is an archived document. |
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Notice - March 8, 2007 - The Federal Citizen Information Center has learned
that a company is using the information in our Managing Household Records Consumer Focus article as a reason for
purchasing a certified deed from them. You do not have to use a private company to obtain a certified
copy of the deed to your home, and in many states you can obtain one from your local
Register of Deeds free or at a low cost. The information in this article is not an
endorsement of any company selling products such as these.
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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.
Posted: October 1, 2003
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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 documents
for your safe deposit
box. "Official" means an original copy
with all required signatures. Select documents,
such as birth certificates, must also be certified or
notarized to be considered valid. You can
get most government records for free or at low
cost from a government office. If you are unsure
whether you need a certified copy, or want
more information about which local government office
can give you an original of these documents, contact
your local
consumer protection office.
If you’re trying to obtain documents regarding birth, death,
marriage or divorce, check out Where to Write for Vital Records for guidance. While
there will always be companies that offer to
sell you copies of official papers, you should check
with the appropriate government agency to
see if they will provide the same information free
or at a lower price.
- 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 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 or order them from FCIC:
- Consumer Action Handbook
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 Federal Citizen
Information Center or any other Government agency. Also, if a particular
resource or organization is not mentioned, this does not mean or imply that it
is unsatisfactory.
*If you
click on these links, you are leaving FCIC's website. Please bookmark us before
you leave so you can return easily. FCIC is not responsible for the content of
these websites.
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We will not retain or use this information for any other
purpose. |
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For more information on other popular consumer issues check out FCIC's
Consumer Focus
Archive.
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