Frequently Asked Legal Questions About Retaining Financial Documents

Question	Answer
1. What is the recommended retention period for bank statements?	Bank statements should be kept for at least one year, but it`s advisable to retain them for up to seven years for tax purposes and record-keeping.
2. How long should I keep credit card statements?	Credit card statements should also be retained for a minimum of one year, but keeping them for up to seven years is recommended.
3.Tax returns and supporting documents	Tax returns and supporting documents should be kept for at least three years after the filing date, but it`s safer to retain them for up to seven years.
4. Should I keep mortgage documents and records?	Mortgage documents, including contracts and payment records, should be kept for as long as you own the property, and then for at least seven years after selling or disposing of it.
5. How long should I retain insurance policies and claims?	Insurance policies and claims should be kept for the duration of the policy and for up to three years after its expiration. However, it`s advisable to retain them for at least seven years.
6. What is the recommended retention period for investment records?	Investment records, such as stock purchase confirmations and sales receipts, should be kept for as long as you own the investment, and then for at least seven years after selling it.
7. Should I keep receipts and invoices for everyday purchases?	Receipts invoices everyday after them with bank or credit statements, unless are needed for tax or warranty claims.
8. How long should I retain household bills and utility statements?	Household bills and utility statements can be discarded after one year, but it`s wise to keep them for up to three years for reference and dispute purposes.
9. What about retirement account statements?	Retirement account statements should be retained for as long as the account is active, and then for at least seven years after closing it.
10. Are there any documents that should be retained indefinitely?	Documents as birth marriage wills, and estate should be kept in a location, in a fireproof safe or a safety deposit box.

How Long Should You Keep Financial Documents

Keeping documents and stored is part managing or finances. However, how to keep these can be a confusing. In blog we will the retention for types documents, as well as practices for and of them.

Why important keep documents?

Before dive the of how to keep documents, let`s take a to why important keep them in place. Serve a of income, investments, and financial are for tax and Additionally, the of an or having financial can save time, and money.

Recommended periods

Here a guideline how keep types documents:

Document Type	Retention Period
Bank statements	1 year
Tax returns documents	7 years
Pay stubs	1 year
Investment statements	As long as you own the investment
Loan documents	As long as have loan

It`s to that are recommendations may based individual and requirements. Consult a or professional specific guidance.

Best for and of documents

Once have how to keep documents, it`s to them a and manner. Using a safe, filing or storage to your from loss, or When comes to of be to or any to prevent theft.

Managing documents seem a but is a part your health. Understanding retention and for and of documents, can and for the may hold.

Financial Document Retention Contract

Effective [Date]

This Document Retention (“Contract”) entered between parties as the Date.

1. Purpose	This to the for long should retained by parties.
2. Definitions	For the of this “financial refer records, reports, financial related the business personal finances.
3. Compliance	The to with federal, and laws regarding and of documents.
4. Retention Period	The to retain documents for of [Insert years from the of the year to the pertain, unless required law legal proceedings.
5. Disposal	Upon the of the retention the to dispose of documents in that the of and in with laws.
6. Law	This shall by in with the of [Insert without to its of law principles.
7. Entire	This contains the between with to the hereof, and all and agreements, whether or oral.