Wealth Planning

How to Organize Documents, What to Keep and What to Discard

November 28th 2016

One of the most courteous things we can do for people we will unavoidably leave behind is to keep our critical personal and financial records organized, current, and easily accessible to our loved ones. However, how much and for how long should we save? Are there any papers that we do not require saving? On assist you in retaining the correct records, below is a guide to document maintenance.

Where to Store Documents

Where you save your papers is determined on the kind and purpose of the document. Account statements, check registers, and warranties should all be stored at home in an easily accessible location. Long-term and estate planning paperwork, such as your power of attorney, advance healthcare directive, and HIPPA release form, should be stored in a safe area that your family members can quickly access in the event of an emergency. We advocate storing these critical documents in a secure online vault for the following reasons:

  • Easily accessible in case of emergency, especially when held in a secure vault with your advisor
  • Safe from damage due to water, fire, etc.
  • No need to worry about loved ones knowing of your safe deposit box and where to find the key
  • Version control via date stamps – ensuring access to the most updated documents
  • All documents stored in one place allows you to view, at a glance, a “checklist” of your completed documents

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Important Information

Aldwin Callen's wealth management may provide you information about its products and services through this material. The information presented here may not be appropriate for all investors, and there are risks associated with making an investment based on the ideas presented.

This document may contain information regarding Aldwin Callen' brokerage and investment advising services. We encourage clients to speak with their Aldwin Callen representative about the products and services they are considering and to clarify any questions they may have about the distinction between brokerage and investment advisory services, including the obligation to disclose conflicts of interest and act in their best interests.

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