A Document’s Life: What to keep and what to trash
Happy New Year! I hope 2014 is a prosperous and purposeful year for you; a year for new beginnings. I am beginning the new year with a new legal assistant because my previous assistant, Linda, has retired after being with me for 5 years. Stop by to say hello to Mary, my new assistant; I am sure you will like her.
Maybe you have made a New Years resolution to get organized or get rid of some clutter. As an attorney, I create a lot of paperwork and I review a lot of paperwork. Clients often ask me how long to keep certain documents and how often they should review certain others. The following is a list of my recommendations.
| Document | Retention period | Review after |
| Wills | never destroy original | changes in circumstances or finances |
| Powers of Attorney | never destroy original | named agents move or die |
| Living Will | never destroy original | changes in the law or your wishes |
| Trusts | never destroy original | changes in circumstances or finances |
| Guardianship | never destroy original | death or majority of any party |
| Conservatorship | never destroy original | death of any party |
| Birth Certificates | never destroy original | no need to review |
| Death Certificates | never destroy original | no need to review |
| Adoption papers | never destroy original | no need to review |
| Citizenship papers | never destroy original | no need to review |
| Naturalization Cert. | never destroy original | no need to review |
| Marriage Certificate | never destroy original | no need to review |
| Divorce Decree | never destroy original | no need to review |
| Military Discharge | never destroy original | no need to review |
| Social Security Card | never destroy original | no need to review |
| Passport | never destroy original | update periodically |
| Document | Retention period | Review after |
| Bank statements | keep for 7 years | no need to review |
| Canceled checks | keep for 7 years | no need to review |
| Credit card stmt. | keep for 7 years | no need to review |
| Home purchase or improvement |
keep for 7 years | no need to review |
| Tax returns | keep for 7 years | no need to review |
| Document | Retention period | Review after |
| Household inventory | Keep indefinitely | update periodically |
| Photos of property | Keep indefinitely | update periodically |
| Cemetery deeds | never destroy original | no need to review |
| Real estate deeds | public document | no need to review |
| Retirement plans | never destroy original | review near retirement |
| Stock/bonds | never destroy original | review near retirement |
| Vehicle titles | never destroy original | no need to review |
| Document | Retention period | Review after |
| Annuity contracts | 7 years after paid out | review periodically till paid out |
| Loan agreements | 7 years after paid | review as needed |
| Investment stmt. | 7 years min. | review as needed |
| MEDICAL RECORDS Health records |
keep copies | no need to review |
| Immunization records | keep copies | no need to review |
| Document | Retention period | Review after |
| Diplomas | never destroy original | no need to review |
| Insurance policies | never destroy original | review as needed |
| Property tax stmt. | Public record | review as needed |
| Warranties | destroy if replaced/sold | review as needed |
This article was written by Tamra K Waltemath of Tamra K. Waltemath, P.C. This information is for general informational purposes only and does not constitute legal advice. For specific questions, you should consult a qualified attorney. Tamra K. Waltemath is an elder law attorney focusing on wills, trusts, estate and trust administration, probate and non-probate transfers, guardianships and conservatorships. She can be contacted at: Tamra K. Waltemath, P.C., 3843 West 73rd Avenue, Westminster, CO 80030; 303-657-0360; or visit her website at: www.WaltemathLawOffice.com.