You should keep original documents that prove identity, legal status, and ownership forever and keep updated copies of key estate planning documents until they’re replaced. These include birth certificates, Social Security cards, wills, powers of attorney, and related legal records. Other financial and personal records have specific time frames for retention depending on your situation.
Keeping the right documents protects your identity, supports legal and financial decisions, simplifies major life events (like buying a home or settling an estate), and helps your loved ones when you’re no longer able to manage your affairs. It also reduces stress and potential delays during tax reviews, insurance claims, or legal processes.
The following types of documents are nearly impossible or extremely difficult to replace. Keep original copies in a secure but accessible location (such as a fireproof safe or safety deposit box).
These documents establish who you are and are required for many legal or financial transactions:
These tell others what you want done with your assets and medical care, and who should act on your behalf:
Quick Tip: Don’t just keep old versions of these documents; replace and securely destroy outdated copies once new versions are signed and legally effective.
Some important records should be kept for specific reasons or as long as they are relevant:
Some records don’t need to be kept forever, but you’ll want them for a specific period:
Keeping documents forever doesn’t mean keeping them in a random drawer. Consider:
Security Tip: Avoid keeping all your sensitive documents in one easy-to-access place — balance accessibility with safety.
Don’t jam everything into storage indefinitely. Documents with personal financial details should be shredded to reduce identity theft risk once they’re no longer needed:
Knowing what your wishes are upon your passing can save your family a lot of trouble, stress, and heartache. This is why estate planning can effectively mitigate any confusion about what you wish to do with your assets after you pass.
If you don’t have the proper estate documents, the state could take the lead on divvying up your assets, and it may not have been what you wanted. To be sure that your assets are taken care of, make sure to have the following state planning documents — keep them updated and get rid of any outdated versions.
Health-care proxy—Keep until updated
Living trust—Keep until updated
Living will—Keep until updated
Power of attorney—Keep until updated
Will—Keep until updated
Yes, we know this is a lot of paperwork to keep on file, but life happens and you never know when you’re going to need to have a certain document available immediately. Consider keeping all these documents safe by putting them in a sheet protector or folder, and then placing them all in a fireproof lockbox for safekeeping.
Of course, you’ll want to keep the box in a hidden location and only share the information on its whereabouts with family, those you trust, or someone who would need the documents.
Use your discretion for documents you no longer need, you may want to shred them or just rip them up. Following these guidelines will have you prepared for any situation life may throw your way. It’ll also give you peace of mind knowing that your health, finances, personal, and investment documents are in order. Your well-being, happiness, and safety should always be a priority.
Caldwell Trust Company is an independent trust company with offices in Venice and Sarasota, Florida. Established in 1993, the firm currently manages over $850 million in assets for clients throughout the United States. The company offers a full range of fiduciary services to individuals, including services as trustee, custodian, investment adviser, financial manager, and personal representative. Additionally, Caldwell manages 401(k) and 403(b) qualified retirement plans for employers.