Everything about taxes can be taxing and if taxes along with other records and legal documents seem to have you drowning in paperwork, financial expert Teresa Bear shares some valuable information. She explains what to keep, how long to keep it, and what to shred.
Some documents should be kept forever: birth certificates, marriage license, military discharge papers, divorce decrees and death certificates.
Some things need to be kept until they expire: passports, driver license, credit cards, etc.
Tax records should be kept for six years along with all documents supporting the return.
Documents like wills, trusts, and powers of attorney should be kept until they need updating. Once the documents are updated they become permanent documents and the old documents can be shredded.
Keeping documents safe and secure is important.