What legal and financial records should I keep?

Posted over 5 years ago. 0 helpful votes



Automobile Title

Keep it as long as you have the car...in a strong box. You will need it to sell the car or borrow money on it.


Bank Statements and Canceled Checks

Keep statements five years. Tax payment checks and tax deductible items used on income tax returns should be kept indefinitely. G. I. insurance checks, checks for paying off indebtedness, and security investment checks should be kept. Keep rent checks as long as you are on the premises. The family business file is the place.


Evidence of Debt

Copies of all promissory notes, installment/sale contracts, liens and chattels--all the papers that show you owe money to someone else or that you pledge security are important. Likewise, keep receipts for any payment for indebtedness. Save records of paid-off debts for three years. Keep these with business papers or with income tax returns.


Insurance Policies of All kinds

Keep safe! Always!


Military Service Records

The discharge certificate must be recorded with the county recorder. All orders to active and inactive duty, commission, record of medical treatment, G.I. Bill education documents are to be kept indefinitely in a safe place.


Savings Bonds

Keep the bonds in the safe deposit box until sold. A list of the bonds including the serial number, denomination, date bought, when redeemed, and the amount received should be kept in a place other than where the bonds are.


Tax Returns

Keep duplicate copies of local, state, and federal tax returns with the receipt and withholding statement attached and receipts or canceled checks for charitable contributions for which you take deductions for at least five years.


Will, Trust, Powers of Attorney and Social Security Card

Keep indefinitely in the strong box.

Additional Resources

Budish, Solomon, Steiner & Peck, Ltd.

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