How Long To Keep Legal Documents8 min read
When it comes to legal documents, how long you should keep them can vary depending on the type of document and the state or country you reside in. However, there are some general guidelines that can help you keep track of what needs to be saved and for how long.
The following is a list of some common legal documents and the recommended retention time for each:
• Birth certificates – Keep for your entire life, and then give to your children or grandchildren.
• Marriage certificates – Keep for your entire life, and then give to your children or grandchildren.
• Death certificates – Keep for 7 years after the person’s death.
• Wills – Keep for your entire life, and then give to your children or grandchildren.
• Property titles – Keep until the property is sold or transferred.
• Vehicle titles – Keep until the vehicle is sold or transferred.
• Bank statements – Keep for 7 years.
• Utility bills – Keep for 7 years.
• Tax returns – Keep for 7 years.
• Receipts – Keep until the item is used or the warranty expires.
It is important to remember that these are just general guidelines, and you should check with your state or country’s governing body to find out specific document retention requirements.
Table of Contents
How long should you save legal documents?
How long should you save legal documents?
There is no definite answer as to how long you should save legal documents. It depends on the type of legal document and the reason why you are saving it. Generally, you should save legal documents for as long as they are required by law or as long as they are needed for reference or evidence.
Some legal documents, such as birth certificates, marriage certificates, and death certificates, must be kept permanently. Other legal documents, such as power of attorney forms, wills, and property deeds, may only need to be kept for a certain period of time. It is important to check with your state or local government to find out how long you are required to keep specific legal documents.
If you are not sure whether or not you should keep a legal document, it is best to err on the side of caution and save it for as long as possible. Legal documents can be important reference materials, and they can also be used as evidence in a court of law.
How long should you keep old papers?
When it comes to paperwork, there are a few questions that tend to come up: How long do I need to keep this? What should I do with it when I’m done with it? How do I get rid of it?
One of the most common types of paperwork that people ask about is old tax returns. How long do you need to keep them? And what should you do with them when you’re done with them?
The answer to this question depends on a few factors. The first is whether you need them to prove your income to the IRS. If you do, you’ll need to keep them for at least six years. The second is whether you’re audited. If you are, you’ll need to keep all of your paperwork for at least seven years.
After that, you can start thinking about getting rid of them. You can either shred them or recycle them. Just make sure that you remove all of your personal information first.
What business records should be kept for 7 years?
Businesses must keep certain records for specific periods of time. The required retention time for different types of business records varies, but in many cases, businesses must keep records for seven years.
Tax records are some of the most important documents that businesses must keep for a set period of time. The IRS requires taxpayers to keep most tax records for seven years. This includes records related to income, expenses, and deductions.
Businesses should also keep records related to employee payroll. The Fair Labor Standards Act (FLSA) requires employers to keep payroll records for at least three years. This includes records of hours worked, overtime, and wages.
In some cases, businesses must keep records for longer than seven years. For example, businesses that deal with hazardous materials must keep safety records for as long as the material is in use.
It is important to consult with an attorney or accounting firm to determine which specific records should be kept for a specific period of time. Failure to keep required records can result in fines and other penalties.
What personal documents should you keep and for how long?
What personal documents should you keep and for how long?
There is no one definitive answer to this question, as the answer may vary depending on the individual and their personal circumstances. However, here is a general guide to the types of personal documents that you may want to keep and for how long:
Birth Certificate: A birth certificate is an important document that proves that you were born and identifies you as an individual. You should keep your birth certificate in a safe place and it is generally recommended that you keep a copy of it for your records.
Marriage Certificate: A marriage certificate is an important document that proves that you were married and identifies you as an individual. You should keep your marriage certificate in a safe place and it is generally recommended that you keep a copy of it for your records.
Death Certificate: A death certificate is an important document that proves that someone has died and identifies them. You should keep a copy of a death certificate for your records.
Driver’s License: A driver’s license is an important document that proves that you are authorized to drive a motor vehicle. You should keep your driver’s license in a safe place and it is generally recommended that you keep a copy of it for your records.
Passport: A passport is an important document that proves your identity and citizenship. You should keep your passport in a safe place and it is generally recommended that you keep a copy of it for your records.
Social Security Card: A social security card is an important document that proves your identity and eligibility for social security benefits. You should keep your social security card in a safe place and it is generally recommended that you keep a copy of it for your records.
Tax Records: Tax records are important documents that prove that you have paid your taxes. You should keep your tax records for as long as the IRS has the right to audit your tax returns. Generally, this is seven years, but it may be longer or shorter depending on your individual circumstances.
Is there any reason to keep old bank statements?
There is no one definitive answer to the question of whether or not it is necessary to keep old bank statements. Some factors to consider include how long the statements are kept, what the statements are used for, and how safe the statements are kept.
Generally, bank statements are kept for a certain number of years, as required by law or by the bank itself. After that time, the statements are usually destroyed. There may be some reasons to keep older bank statements, though. For example, if there is a dispute with the bank about a transaction, the bank may ask to see older statements.
Another reason to keep old bank statements is if they are used to prove income or assets. For example, if someone is applying for a loan, the bank may ask to see old bank statements to verify that the person has been steadily employed and has had a steady income.
Finally, bank statements can be kept safe by scanning them and saving them on a computer or in the cloud. This way, they can be accessed quickly and easily if needed, but they will still be safe in case of a fire or other disaster.
How long should you keep bank statements and canceled checks?
How long should you keep bank statements and canceled checks?
There is no definitive answer to this question as the length of time you should keep bank statements and canceled checks will vary depending on your personal circumstances. However, as a general rule, you should keep bank statements and canceled checks for at least six years.
If you are audited by the IRS, you will be required to produce bank statements and canceled checks from the past six years. If you are involved in a legal dispute, you may also be required to produce bank statements and canceled checks from the past six years.
If you are no longer using a bank account, you should shred all bank statements and canceled checks from the account.
Is it worth keeping old bank statements?
Just about everyone has a stash of old bank statements, bills, and other important documents stuffed in a drawer or file cabinet. But is it worth keeping them?
The answer to that question depends on a number of factors, including the age of the documents, their contents, and your personal circumstances.
In general, it’s a good idea to keep bank statements and other important financial documents for at least three years. That way, you’ll have a record of your finances in case you need to refer to them for tax or other purposes.
If you have any questions about whether or not to keep a particular document, it’s best to consult with a financial advisor or accountant.
