There are many legal and financial reasons to hold onto certain documents. But which ones do you need to keep, how long should you keep them, where should you store them, and what’s the difference between digital and hard copies?

This post covers the essentials. Let’s get to it!

Which documents and info should I save?

Here’s a comprehensive list of the kind of documents and personal info you should keep available for various legal or financial reasons.

Identification documents

  • Social Security cards
  • Birth certificates
  • Adoption papers
  • Marriage certificates
  • Divorce papers, alimony, and child support awards
  • Military service, veteran’s benefits
  • Passports 
  • Driver’s license numbers
  • Death certificates
  • Citizenship and naturalization papers
  • Passwords and logins

Bank Records

  • Canceled checks
  • Bank statements 
  • Deposit slips 
  • List of account numbers 
  • Savings account statements
  • Retirement and pension plans

Credit card records

  • Credit card numbers 
  • Creditor’s contact information, including payment address 
  • Credit card term disclosures 
  • Credit card statements 
  • Photocopy of front and back of all cards

Tax documents

  • Federal and state income tax returns, all forms, and supporting data
  • W-2s
  • 1099 forms
  • Any other tax-related forms, receipts, and records 

Insurance records

  • List of policy numbers 
  • Names of those insured and their beneficiaries 
  • Issuing company, agent, type, amount of coverage
  • Copies of policies

Property records

  • Vehicle registrations, titles, and loan documents
  • Mortgage statements, real estate property deeds, and closing documents
  • Bills of sale, any documentation transferring ownership

Education records

  • Diplomas 
  • Professional certificates 
  • Professional licenses 
  • Transcripts
  • GED scores/certificates
  • Continuing education certificates

Estate planning documents

  • Wills and trusts
  • Living wills
  • Powers of attorney
  • Burial instructions 

Financial records

  • Pay stubs
  • Canceled checks
  • Medical bills
  • Disability or unemployment records
  • Retirement or pension plan records
  • Investment statements
  • Credit reports
  • Subscriptions

Health

  • Immunization records 
  • Medical history and information 
  • Organ donor card
  • Prescriptions 
  • Health insurance records
  • Numbers and addresses of your primary care physician and medical personnel

What documents do I need in an emergency?

These are the bare minimum documents you should make sure you can always access quickly:

  1. Identification: Passports, driver’s licenses, Social Security cards, and birth certificates.
  2. Medical records: Health insurance cards, list of current medications, and any other critical medical information such as allergies or medical restrictions.
  3. Financial documents: Bank account details, credit cards, and insurance policies.
  4. Emergency contacts: A list of phone numbers for family, friends, and emergency services.
  5. Legal documents: Will, power of attorney, living will, and any important legal contracts.
  6. Proof of residence: Lease, mortgage documents, or utility bills.

Keep these in a secure, easily accessible place or in a grab-and-go emergency kit.

Where should I store my important documents?

Keep your emergency documents readily accessible, but legal documents that are hard to replace (think birth certificates and car titles) are best kept in a legacy drawer, like a fireproof safe, lockbox, or safe deposit box. A legacy drawer should be a physical space that at least one other person, usually your executor, knows how to access.

Paper vs. digital copies

Some legal documents are still required to be kept on paper, especially official state-issued documents and paperwork with original signatures. However, the situations in which you’ll have to produce physical documents are limited.

For most purposes, being able to produce a digital copy is enough. So keep your originals, but it’s also a good idea to keep digitals copies or photos because these are much easier to access and share in most situations.

Should I take pictures of my documents?

For things like receipts, photos are generally fine. It’s also a good idea to keep a photo of your IDs available in a pinch, especially when traveling. 

For legal documents, scans are preferred in most situations. Just make sure that no pages are missing, that each page is complete (not cut off), and that the text is legible.

How long should I keep my documents?

There are different regulations and recommendations for different documents, but many of the items in the list above should be kept permanently — or should always be kept up to date — such as birth certificates, social security cards, your most recent will and estate plan documents, current prescriptions, and so on. 

The good news is that digital versions take up very little space and are easy to keep organized. 

What regulations for storing documents should I be aware of?

If you’re running a business, laws such as GDPR (General Data Protection Regulation in the EU), HIPAA (Health Insurance Portability and Accountability Act in the US), and CCPA (California Consumer Privacy Act) regulate the storage of personal and healthcare data for both employees and customers. 

Remember, some laws may affect you just because your website is available in these regions, even if your company isn’t headquartered there, so be sure to check with legal representation if your company stores any kind of sensitive or personally identifiable information.

What about my internet passwords?

For maximum security, your passwords should be quite long, using a mix of uppercase and lowercase letters, numbers, and special characters. Unfortunately, this also makes them hard to remember, not to mention hard to share with family in an emergency.

Using a password manager can help — just make sure that your executor or the person who has power of attorney over your finances in an emergency has a way to access it.

How should I dispose of documents I no longer need?

In the age of identity theft, make sure you’re disposing of your information securely. When documents are no longer needed, destroy them thoroughly to protect sensitive information.

Purchase a shredder or take documents to be shredded in a self-contained setting so that it’s not easy to collect or piece back together should it fall into the wrong hands. 

How can I make sure my family will have access to all my documents?

If you were to die, become incapacitated, or fall critically ill, would your family be able to access the information and documentation they’d need? Saving and organizing your most important info is only half the battle — the other half is making sure the people who would need it have a way to get it.

So put an emergency plan into place, and make sure everyone who needs to be part of that plan knows what to do. Hopefully, you’ll never need it, but you’ll all rest easier knowing you’re prepared.