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February 27, 2018

Toss or keep? What to throw out and when

Everybody has a paper trail – everything from utility bills and financial statements to tax records and receipts. With so many records it may be difficult to determine which you should keep (and for how long).

Filing and organizing records is critical to maintaining healthy finances. Not only will tax time be easier, but your spouse and other family members will be able to locate important information should the unexpected happen to you.

Following these guidelines may help you organize your records.

  • Utility bills: Throw out (unless you need them for tax purposes).
  • Tax records: Most experts recommend destroying these after seven years.
  • Insurance records: Keep for the life of your policy.
  • Life documents (birth certificate, marriage certificate, diplomas, divorce decrees and military records): Store in a safe deposit box indefinitely.
  • Homeowner records (deed and title to your house): Do not throw away.
  • Life- and estate-planning documents: Keep the most current copy.
  • Receipts for major purchases, such as furniture and electronics: Keep as long as you own the item.

We can help keep your records secure.

Safe deposit boxes at MIDFLORIDA are a secure way to keep original copies of your most important documents. Visit a branch to find out more.