Paperwork...Paperwork...What Should I Keep?

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Donna Schuyler Law

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Apr 04, 2024

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Idaho - Boise and the Treasure Valley

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Paperwork…Paperwork…What Should I keep?

 

Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.

 

Deeds, Titles and Vehicle Registrations

Deeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (“Lots and Blocks” or “Metes and Bounds”), a vehicle identification number (VIN), contains the word “title,” “deed of trust” or “warranty deed.”

 

Receipts

Some property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.

 

Bank Records

Save all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.

 

Retirement Accounts

Save all statements and records pertaining to the decedent’s individual retirement accounts (IRAs), 401(k) plans or pension plans.

 

Life Insurance Policies

Save all life insurance policies.

 

Social Security Paperwork and Earning Statements

Save information about the decedent’s Social Security account or earning statements.

 

Cancel the Decedent’s Credit Card Accounts

Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as “Deceased.” Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased person’s name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedent’s estate is complete.

 

Documents that contain the decedent’s Social Security Number

If you find any documents with the decedent’s Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.

 

Tax Records

Keep the decedent’s tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.

 

 

Loan Paperwork

Keep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedent’s estate.

 

Business Agreements

Sometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.

 

Military Records

Save all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.

 

Birth and Marriage Certificates

Save all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.

 

Timeframe for Keeping Paperwork

It is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.

 

Contact Your Attorney

Your attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.

 

This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate.

Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947

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Local Services By This Author

Donna Schuyler Law

Guardianship/Conservatorship PO Box 2617, Boise, Idaho, 83701

With over 25 years of experience as an elder advocate, Attorney Donna Schuyler practices in the areas of elder law, estate planning, guardianship, conservatorship and probate.Her lifes work is to provide protection for this vulnerable population and help elders achieve a high quality of life while preserving dignity and respect.Donna is a member of the Idaho State Bar Taxation, Probate and Trust Law Section, a member of the Idaho State Bar Professionalism and Ethics Section, past president and current member of the Treasure Valley Estate Planning Council and board member of Trust and Estate Professionals of Idaho. She has authored numerous articles on elder issues and lectures nationwide on estate planning and elder matters.

Donna Schuyler Law PLLC

Conservatorship PO Box 2617, Boise, Idaho, 83701

With over 25 years of experience as an elder advocate, Attorney Donna Schuyler practices in the areas of elder law, estate planning, guardianship, conservatorship and probate.Her lifes work is to provide protection for this vulnerable population and help elders achieve a high quality of life while preserving dignity and respect.Donna is a member of the Idaho State Bar Taxation, Probate and Trust Law Section, a member of the Idaho State Bar Professionalism and Ethics Section, past president and current member of the Treasure Valley Estate Planning Council and board member of Trust and Estate Professionals of Idaho. She has authored numerous articles on elder issues and lectures nationwide on estate planning and elder matters.

Donna Schuyler Law PLLC

Estate Planning PO Box 2617, Boise, Idaho, 83701

With over 25 years of experience as an elder advocate, Attorney Donna Schuyler practices in the areas of elder law, estate planning, guardianship, conservatorship and probate.Her lifes work is to provide protection for this vulnerable population and help elders achieve a high quality of life while preserving dignity and respect.Donna is a member of the Idaho State Bar Taxation, Probate and Trust Law Section, a member of the Idaho State Bar Professionalism and Ethics Section, past president and current member of the Treasure Valley Estate Planning Council and board member of Trust and Estate Professionals of Idaho. She has authored numerous articles on elder issues and lectures nationwide on estate planning and elder matters.