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Where Are Your Important Documents?

By
Real Estate Agent with Century 21 Real Estate Center Everett, WA

Where are your important documents?

On July 4, 2010, my mother lost her 11 year battle with ovarian cancer.  I spent 8 weeks caring for her full time in hospice.  I learned more in those 8 weeks about my mother, about my family, about life and about myself than I probably ever have.  

One lesson I want to share.  My mother was a very organized woman.  She kept everything in it's place and could lay her finger on anything at any time.  That was a good thing for me when I forgot my homework and she would bring it to school for me.  Or when my brother couldn't find his baseball mitt 5 minutes before it was time to leave for practice, or when Dad misplaced his keys.  Mom knew where everything was.  

So when it was time to talk about the "important documents" we would need after mom's death I wasn't concerned.  But my siblings and I soon found out that it might be a challenge to find those documents after all. In the last year or so her memory started getting a little less keen and in her last weeks it was difficult to remember anything at all.  She called it her "chemo brain".  Fortunately, we were able to find all of her important documents before her death.  They were all tucked away in folders in a couple of fire resistant file cabinets.  Nice and orderly.  This led me to wonder just how many elderly people go through this same type of thing and their family is left to sort and try to find these documents after their death.  

In August, an elderly client of mine asked me to sell his vacant lot.  He had purchased the land on a private contract. The lot has been paid off for years.  I asked him if he had the fulfillment of contract deed.  "The what?" was his reply.  I explained to him what I was looking for and he said he didn't know and what if he didn't have it? He thought the original landowner would surely be dead by now since he was 90 years old way back then.  

Again, fortunately for my client he was able to put his hands on it eventually. He had found it in an envelope in a box in his garage.

Once again, this led me to think of a list of some important documents you may have and where to keep them.

Originals you rarely need should be stored in a bank safe-deposit box.

When you should discard and who you should give copies to.

Adoption papers - Never discard -  Executor, lawyer

Citizenship Papers - Never discard - Executor

Divorce Decree - Never discard - Lawyer

Lawsuits - Never discard- Lawyer

Household Inventory - Never  discard - Financial Advisor

Photos of Possessions -  Never discard - Financial Advisor

Military Discharge - Never discard

Veteran's Papers - Never discard

 

Originals you sometimes need should be stored in a Fire resistant safe at home.

When to discard/shred and who to give copies to:

Birth Certificate - Never discard

Cemetery Deed - Never discard - Heir

Real Estate Deeds - 10 yrs after property is sold

Death Certificates - Never discard -  Executor

Diplomas - Never discard

Guardianship Arrangements - Never discard - Executor, guardian

Health Records - Never discard - Doctor

Immunization Records - Never discard - Doctor

Marriage Certificate - Never discard - Executor

Medical Directive - Never discard - Doctor, Heir

Naturalization Certificate - Never discard

 

Tax Documents should be stored in a locked filing cabinet

When to discard:

Bank Statements - Seven Years

Cancelled Checks - Seven Years

Credit Card Statements - Seven Years

Home Purchase/Improvement (deeds, surveys, title policies, loan papers, receipts etc. ) - Seven Years after home is sold

Tax Returns/Supporting documents - Seven years after filing date

Form 8606 - Seven years after IRA is liquidated

 

Investment Documents should be stored in a locked filing cabinet

When to discard and who to give copies to:

Annuity Contracts - Annuity paid out - Financial Advisor

Loan Agreements - Ten years after loan is repaid

Pension Plan Documents - Never discard - Financial Advisor

Real Estate Purchase & Improvements - Seven years after property is sold

Investment Account Statements - Seven years after last investment held in account is sold

Of course, this is just a partial list of documents you might keep.  There are others, such as Trust Documents, Savings Bonds, Power of Attorney, Will and Lease Agreements for example.  

I gave this list to my elderly client once he found his deed.  Maybe you have a loved one or a client who might appreciate the reminder? Where are your important documents?

Comments (59)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Debbie-I understand your loss as my mom passed away at the end of March.  Fortunately she and my dad (he passed away a few years earlier) had set up a family trust.  It was easy to find all of the documents and settle the estate.  Still have a few lose ends with 2009 taxes to file but it made me realize I need to get my act together as well.

Sep 21, 2010 01:35 AM
Anonymous
Jeanne Gregory, RE/MAX Southwest, Sugar Land, TX

So sorry about your mom.  My prayers are with you.  When my aunt died, I knew she had a trust set up, but had no idea where to find it.  Her neighbor said it might be in the safe deposit box.  And the key to the box might be in the freezer!  Apparently, that's where my aunt kept important stuff.  While clearing the freezer, I found the key, 5 checkbooks and 3 stock certificates.  God love the neighbor.  If not for her,  I'd still be looking.  Of course I now had a key to a safe deposit box but didn't know which bank.  So I went to each bank there was a checkbook from and finally found the box.  It is SO important to have your papers together and safe.

Sep 21, 2010 01:52 AM
#43
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Debbie, sorry to hear about your Mother's passing. Thanks for the reminder and the checklist.

Sep 21, 2010 02:00 AM
Nina Rogoff
Boston, MA
Wix Websites for Real Estate Agents

Debbie, my condolences on your mom's passing. I hope the support of your family and friends will help comfort you. What a terrific lesson your mom instilled in you! Thank you for sharing this great post. I think these are great tips to share with clients, and follow myself! I know other people commented that this is not just for the elderly. I agree! We all have to do this!

 

Sep 21, 2010 02:01 AM
Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner

When my parents were having health problems in their twilight years I helped them get their personal affairs and documents in order, and coordinated with my brothers.

Now I need to get my own documents in order. Your article is very timely for me

Sep 21, 2010 02:11 AM
Bernadine Hunter, SFR, ACRE
Keller Williams Greater Columbus Realty - Pickerington, OH
"Finding Solution to Your Real Estate Needs"

Sorry for the loss of your mother. This is a great reminder to all of us. Even though you had time to prepare and ask questions, many do not or put it off. Thanks for the reminder.

Sep 21, 2010 02:16 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Debbie, I'm very sorry for you mother's passing and I applaud you for bring to light such an important subject.. thanks

Sep 21, 2010 02:22 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Good post today, it is good to make a place, a secure place, for you important documents and then show your beneficiary, or closest person where it is.

Sep 21, 2010 02:44 AM
Home Loan Search.Online
Home Loan Search Online - Newnan, GA

Sorry to hear about the loss of your mom. Thank you for bringing up an issue that many people would rather not address. I also appreciate your list as it is a great reminder.

Sep 21, 2010 03:04 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

I agree totally that it's so important to have thing in order as they say, just in case anything happens.

Patricia

Sep 21, 2010 03:35 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Yay!!! This was featured! It needed to be! Congratulations! :O)

Sep 21, 2010 03:49 AM
Jerry Morse
The Morse Company - Janesville, WI
BBA,GRI

Hi Debbie,

I can relate to your loss.  Both my mother and mother-in-law passed away this year.  Hospice was a big help!  Thanks for the great list.  Once again, I can relate to that to, since one of them was very organized and one was not.

Good Luck to you!

Sep 21, 2010 03:51 AM
Sharon Paxson
Sharon Paxson, Realtor® EQTY Forbes Global Properties - Newport Beach, CA
Newport Beach Real Estate

Hi Debbie - I am sorry for the loss of your Mother. Good post on maintaining your important documents in an organized fashion.

Sep 21, 2010 04:01 AM
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Debbie,

Excellent post!  I am organized however, I see where I can definitely improve.  I am so sorry for your loss.  Congratulations on being featured on AR.

Sep 21, 2010 04:52 AM
Paige Walker
Paige Walker - Pineville, LA
Real Estate Guru - Alexandria Pineville LA

Debbie - I am so sorry for your loss and all that you are going thru.

This is an excellent post! It will make your head spin looking at all we need to keep up with. I too believe in scanning and putting in a secure site on the internet, there are lots of them. Send the information also to your trusted insurance agent for them to keep in their files, since they will be pulling the file upon your death.

Sep 21, 2010 05:29 AM
Simon Mills
Mills Realty - Toluca Lake, CA

So sorry to hear about your loss.  Your post is full of great advice, but to add to it all of the above items can be scanned and stored for even more protection.  

Sep 21, 2010 06:50 AM
Petra Thomas
Family Real Estate Brokers - Raleigh, NC
Broker - Raleigh, NC Real Estate

Great post on a topic that most people avoid all their life.

Sep 21, 2010 09:00 AM
Valerie Duncan Stewart
(Metro First Realty) - Oklahoma City, OK
Real Estate Agent-Broker, OKC, OK

Debbie,

I am so sorry regarding the loss of your mother. She sounds like she was a very wonderful mom to keep her eye on your lost homework. :)

Thank you for using your experience to outline the importance of document filing and sharing. It is a very comprehensive list and simple to understand. I have bookmarked it for future reference. 

Sep 21, 2010 09:16 AM
Debbie Atwood
Century 21 Real Estate Center Everett, WA - Everett, WA
Real Estate Broker

Wow!  I'm sorry I haven't been able to answer each of you individually.  Thank you for all of your condolences and I am also very happy that the information has can be used by you to inform all of the important people in your lives as well as yourselves.  :)  

Sep 21, 2010 10:15 AM
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Dealing with a family member or friend  that has an advance illness or is critically ill from an expected event, can be emotionally wrenching. Its important to have a signed medical directive -so if any important medical decisions need to be made --a last minute scramble is not necessary.

 

Sep 21, 2010 10:34 AM