Document Retention Suggested Guidelines

Do not shred your Trust 😀

Estate Planning Perspective

KEEP ALL ESTATE PLANNING DOCUMENTS

Accounting Perspective

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.

Copies of tax returns should be maintained in perpetuity.   

Financial Planning Perspective

There is no legal requirement to retain documents for financial planning purposes, but there are general “rules of thumb” you should follow to ensure you have documents necessary for future financial planning discussions and analyses.

1 year:
– brokerage statements
– cancelled checks

3 years:
– cancelled insurance policies
– capital gains documentation such as records of selling a house or stock

7 years:
– records of satisfied loans

For additional information on the length of time you should keep certain documents, click HERE