What paperwork should be kept in a safe?

How long should I keep utility bills?

One year is the standard, in case of billing errors or disputes. I'd probably go ahead and make it a little longer. Keep them for one year. Really, I think you should just get the electronic statements where available.

What papers to save and what to throw away?

Credit card receipts: Discard them after a purchase shows up on your statement unless you need them as records for taxes or as proof of purchase in case you need to return an item or make a warranty claim. Pay stubs: Save them until you reconcile them with your W-2 form and yearly Social Security statement.

What old paperwork should I keep?

Examples are things like your birth certificate, marriage certificate, Social Security cards, retirement accounts, life insurance documents, will and powers of attorney. You need to keep all of these things—forever. Your birth certificate, marriage certificate and Social Security card matter most when you're alive.

What records need to be kept for 7 years?

How long to keep records. Records must be kept for 6 years from the end of the financial year they relate. In essence this means you need to keep all records for 7 years (as it's 6 years plus a year to count for the financial year). HMRC has begun a compliance check into your Company Tax Return.

Is it worth having a safe at home?

When considering home security, one question often arises: Is buying a Safe worth it? The answer is a resounding yes, especially when it comes to protecting your most valuable possessions.

Where is the safest place to keep important documents?

Keep these types of records in a safe deposit box or a fireproof, waterproof, burglar-proof home safe—with a list of the contents of the box in your home file. Due to the danger of identity theft consider destroying any documents you decide that are out-dated and should be discarded.

What legal documents do I need for elderly parents?

What is the best way to keep important family documents?

A safe deposit box at your bank can be a good option for storing hard-to-replace documents (such as contracts, military discharge papers, house deeds and car titles, and physical stock and bond certificates). You can also use it to store small valuables like jewelry, collectibles or family heirlooms.

Where should I store my passport at home?

For documents you keep at home, or copies of documents in your safe deposit box, get a home safe. It should be fireproof and have a secure locking mechanism. A safe at home helps you keep these items safe from people you don't want accessing your personal information, as well as any emergencies, like fires or floods.

How do you keep documents dry in a safe?

Use a box of baking soda, pouches filled with charcoal, a small jar filled with cat litter, or desiccant packs inside a safe to absorb dampness and reduce odors. Replace baking soda, charcoal pouches, and cat litter every six months.

Is it safe to throw away old bank statements?

Key Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

Is it safe to throw away address labels?

Address labels on packages potentially include confidential information such as business address, tracking codes, and account numbers. Employees in the mail room should be directed to always remove and securely dispose of these labels before boxes or packages are broken down and recycled.

Do I need to shred my deceased parents' papers?

So, shredding your loved one's documents rather than throwing them away is the only way to guarantee the safety of your loved one's identity. Furthermore, it can take years before fraud is flagged on a dead person's file, letting fraudsters open credit accounts, loans, and file for tax returns.

Do I need to keep bank statements for 7 years?

7+ years. Although this depends on your filing circumstances, the IRS may ask you for supporting documentation for three to seven years after you file a return. Therefore, it's a good idea to save any document that verifies the information on your tax return for seven years or more.

Should I shred old utility bills?

After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

How long should you keep a birth certificate?

With the exception of birth certificates, death certificates, marriage certificates, and divorce decrees, which you should keep indefinitely, you should keep the other documents for at least three years after a person's death or three years after filing an estate tax return, whichever is later.

How long should you keep household bills?

Keep for a year or less – unless you are deducting an expense on your tax return: Monthly utility/cable/phone bills: Discard these once you know everything is correct. Credit card statements: Just like your monthly bills, you can discard these once you know everything is correct.

How do you dispose of old documents without a shredder?

Cutting up confidential documents with scissors or tearing them by hand is a cheap and easy way to destroy important papers without a shredder. You can also use a hole punch to make printed words and numbers unreadable, such as bank account numbers and addresses.

What papers do you really need to keep?