When it comes to divorce and estate planning, you never know when you might need to track down important paperwork that can have a substantial impact on your case. According to a poll conducted by the Consumer Reports National Research Center, only 40% of Americans believe they would be able to locate a document at a moment's notice. While 89% of respondents believe their financial documents are extremely to fairly organized, nearly one-quarter said they have lost or forgotten about an important financial document. In this blog, we explain how to keep all of your important documents organized.
Bank Records
You should keep all of your deposit and ATM receipts until you check them against your monthly statements. Create a folder and file all of your monthly checking and savings account statements. Once you do your taxes, file any statements you need to prove deductions with your tax records.
Credit Card Bills
You only need to keep these bills after you’ve paid them if you need to support a tax deduction. You should also keep credit card bills for any items under warranty. It is a good idea to staple the bill to the warranty card and file it away.
Pay Stubs
Keep all of your paystub records for the year until you check to make sure the amounts match what is on your W-2 form.
Tax Records
Filing and storing your records in an easily accessible place can save you time and money when tax season comes around. The last thing you want to give a tax preparer or attorney is a box full of disorganized papers. Make sure you separate the documents you will need for next year’s tax return. An accordion file is useful for storing receipts and bills you’ll need for taxes.
Investment Statements
Keep annual statements for brokerage, 401(k), IRA, Keogh, and other investment accounts you have. Use separate folders for traditional and Roth accounts, this way you will be able keep track of the deductible and non-deductible amounts.
Loan Documents
You should keep and file any closing documents you have for mortgage, vehicle, student, and other loans. Don’t get rid of these important documents until the loans have been fully paid off.
Estate Planning Documents
Organizing your estate planning documents is crucial if you want to be able to pass your wealth to your loved ones. Make copies of your wills, trusts, and powers of attorney and store them in a safe-deposit box. You should give copies of these document to your attorney and the executor of your estate.
Talk to an Attorney at Kraft Miles Today
Do you need help with your divorce case? At Kraft Miles, A Law Corporation, we are here to assist with all of your legal matters and ensure your rights and interests are fully protected. Stop by our office to consult with our legal team and find out what we can do for you.
Call (818) 462-5076 to schedule a consultation with our San Fernando Valley divorce attorneys.