Kenneth Vercammen & Associates, P.C.
2053 Woodbridge Ave.
Edison, NJ 08817
(732) 572-0500

Thursday, May 4, 2017

What to Keep and When to Shred after death

What to Keep and When to Shred after death
These documents should be located and kept until the estate is settled:
    Adoption papers
    Baptismal certificates
    Birth certificates
    Death certificates
    Divorce orders
    Employment records
    Ethical will
    Marriage certificates
    Medical records
    Military records (DD 214)
    Retirement and pension records
    Social Security cards
    Wills and codicils
These documents should be stored until it is time to be shredded:
    Bank statements: Keep for one year after tax returns are filed.
    Bills/sales receipts: Keep receipts for high-value items to prove the value for inventory purposes. Keep receipts for any tax- or warranty-related items for one year. All other bills should be shredded as soon as they have been paid.
    Credit card statements: Shred unless tax-related. If tax-related, keep for seven years.
    Home improvement receipts: Keep until the home is sold; they are important for tax purposes when establishing the cost basis of the home.
    Homeowners’ insurance policy: Keep until the home is sold.
    Investment records/IRA statements/brokerage statements: Keep for seven years after your loved one’s death and after the account is closed. Keep quarterly statements until you get an annual statement; then compare the statements and shred the quarterly ones.
    Leases: Keep until the property is vacated and you have received the security deposit back from the landlord.
    Life insurance policy: Keep until the policy is paid plus three years.
    Mortgage statements: Keep until the mortgage is paid off plus seven years.
    Passport: Shred.
    Paychecks/pay stubs: Keep for one year or until the last W-2 is received.
    Tax returns and related documents: Keep for seven years, including all accompanying documents such as W-2s and receipts.
    Vehicle records: Keep until the car, boat, or motorcycle is sold.
Source ABA/AARP Checklist for Family Survivors
Executor to do

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