Organize Recordkeeping

Name of Facilitator, Title, Organization Name(s) of Speakers and Titles Legally Secure Your Financial Future: Organize, Communicate, Prepare Your university logo can be inserted here

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 3 Organize Your Important Papers Does this remind you of YOUR home office?

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 4 Covered In This Session  How to Get Organized  What Papers to Keep & Where to Keep them  How Long to Keep Papers  Replacing Important Papers  Make a Plan

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 5 Benefits of Organized Records  Information easily accessible  Provide proof of transactions  Indicate what is needed to complete records/legal preparations  Assist personal representative of your estate  Provide peace of mind

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 6 Getting organized

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 7 Getting Started  Start with today’s papers  Stop feeling guilty about yesterday’s stacks  Forget the backlog, at least for now “Once you get started, organizing the rest won’t be so difficult.”

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 8 Choosing the Place Establish a work area  Comfortable location Near family action - family room Quiet place – bedroom Small children - near their play area  Good lighting  Comfortable Chair

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 9 The Right Tools  Pencils, paper, envelopes, etc.  Something to file in In box - items you haven’t looked at Out box - items to be given to someone else To-file box - items to be filed

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 10 The Round File  Open mail next to wastebasket or shredder  Get name removed from junk mail lists Mail Preference Service Direct Marketing Association P.O. Box 9008 Farmingdale, New York

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 11 Who?  Record keeping may be shared, or  One person takes major responsibility Communication is important Others need to know the system

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 12 What papers to keep and where to keep them

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 13 Types of Information to Keep  Personal and Family  Property  Financial  Legal

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 14 Where to Keep Important Papers Store records in 3 places: 1. Wallet 2. Home files 3. Safe deposit box

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 15 Your Wallet  Personal ID  Driver’s license  Credit cards  Medicare or health insurance card  Blood type  Organ donor card  Special medical information  Name and phone of family physician

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 16 Home File  Current files: day-to-day records bank account information, bills and receipts, loan agreements, some medical information  Permanent files: on-going records used infrequently employment and education records, health benefit information  Dead storage: anything uncomfortable discarding old tax records, real estate you’ve sold

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 17 Personal and Family Records for Home Files  Names, addresses and phone nos. of relatives  Names of advisors  Location of valuable papers  Location of safe deposit box and key  Location of CDs, disks, videos, photos for inventories  Computer passwords and file names  Location and identification of valuables

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 18 Safe Deposit Box or Home Safe Property Information Deed to real estate Vehicle titles Household inventory Personal Information Social Security card List of insurance policies Anything you can’t replace or would be costly to replace

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 19 Safe Deposit Box or Home Safe Legal Documents Wills Citizenship papers Certificates (birth, marriage, death) Adoption papers, divorce decrees Contracts Copyrights/patents Financial Information Government bonds or certificates with monetary value Copies of some investment information Anything you can’t replace or would be costly to replace

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 20 Personal & Family Records to Keep  Insurance policies  Health records  Education records  Employment records  Licenses to practice From Organize Your Important Papers handout

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 21 Property Information to Keep  Property deeds  Motor vehicle records  Equipment warranties, guarantees, and instruction books

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 22 Home and Real Estate Records  Records of your home purchase and improvements  Real estate records Burial plots Timeshare information  Property improvement records

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 23 Household Inventory  Reasons for a household inventory Amount of insurance to purchase Basis for filing insurance claims Evidence of ownership Value of possessions – net worth statement

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 24 Financial Information to Keep  Earnings records  Account records from financial institutions  Credit and debit card information  Personal tax returns  Retirement benefits  Notes and money owed

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 25 Financial Accounts Section Current Files  Banking (statements, cancelled checks, deposit slips)  Bills to be paid  Credit card statements and receipts

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 26 Financial Accounts Section Permanent Files  Credit records  Pension or retirement information  Contracts, notes, debts  Tax information  Investments

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 27 Stocks, Bonds and Mutual Funds  Accurate Records Tax purposes  Make a section for each investment  Original confirmation statement Original cost Running tally of all transactions Copy of 1099 form 3-ring binder or file folders

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 28 Legal Records to Keep  Official certificates Birth, marriage, death, etc.  Current estate planning information Will  Advance Directives for Health Care Living Will, Durable Power of Attorney  Social Security card  Passport

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 29 Where to Keep Legal Documents Permanent Files  Will  Living Will  Durable Power of Attorney  Personal Representative or Guardian  Legal correspondence

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 30 Where to Keep Legal Documents Safe Deposit Box  Birth & Death certificate  Adoption papers  Marriage records  Divorce decree  Military records  Social Security card

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 31 How long to keep papers

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 32 How Long is Long Enough?  Decision of what to keep can be difficult Newsletters vs. birth certificates  Date all information when it goes into the file

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 33 How Long to Keep Insurance Records  Property  Vehicle Insurance  Personal Liability  Life Insurance  Health/Disability Insurance Keep as a reference of insurance coverage in permanent files

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 34 How Long to Keep Tax Records  Income tax records, worksheets, and documentation of deductions IRS recommends 3-6 years  Keep records as long as needed for administration of the IRS code  Tax records often useful in situations where financial history is relevant

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 35 IRS says---- Source: Internal Revenue Service, Pub 552

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 36 Replacing important papers

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 37 Lost, Stolen or Destroyed Birth Certificate  Immediately contact County government office  Information needed Name of record, date of birth, place of birth (city or county), father’s name, mother’s name (including maiden name)

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 38

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 39 Make a plan

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 40 Get Started Make an appointment with yourself Regular weekly schedule Stick to it Regular time for organizing records

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 41 Summary  Make a plan Get organized Replace missing items Make Appointments  Complete inventory  Update annually Start Now!

Legally Secure Your Financial Future: Organize, Communicate, Prepare Cooperative Extension 42 Credits This lesson was developed by the Legally Secure Your Financial Future: Organize, Communicate, Prepare team. This is a program of the Cooperative Extension Financial Security in Later Life national initiative. Information is available at