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

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3

Organize Your Important Papers

Does this remind youof YOUR home office?

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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, PrepareCooperative 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, PrepareCooperative Extension

6

Getting organized

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative 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.”

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8

Choosing the Place

Establish a work area Comfortable location

Near family action - family roomQuiet place – bedroomSmall children - near their play area

Good lighting Comfortable Chair

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9

The Right Tools

Pencils, paper, envelopes, etc.

Something to file inIn box - items you haven’t looked atOut box - items to be given to someone elseTo-file box - items to be filed

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

10

The Round File

Open mail next to wastebasket or shredder

Get name removed from junk mail lists

Mail Preference ServiceDirect Marketing AssociationP.O. Box 9008Farmingdale, New York 11735-9008

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11

Who?

Record keeping may be shared, or One person takes major responsibility

Communication is importantOthers need to know the system

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

12

What papers to keep and

where to keep them

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

13

Types of Information to Keep

Personal and Family

Property

Financial

Legal

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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, PrepareCooperative 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, PrepareCooperative 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, PrepareCooperative 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, PrepareCooperative 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, PrepareCooperative Extension

19

Safe Deposit Box or Home Safe

Legal Documents

WillsCitizenship papersCertificates (birth, marriage,

death)Adoption papers, divorce

decreesContractsCopyrights/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, PrepareCooperative 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, PrepareCooperative Extension

21

Property Information to Keep

Property deeds

Motor vehicle records

Equipment warranties, guarantees, and

instruction books

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

22

Home and Real Estate Records

Records of your home purchase and improvements

Real estate recordsBurial plotsTimeshare information

Property improvement records

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

23

Household Inventory

Reasons for a household inventoryAmount of insurance to purchaseBasis for filing insurance claimsEvidence of ownershipValue of possessions – net worth

statement

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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, PrepareCooperative 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, PrepareCooperative 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, PrepareCooperative Extension

27

Stocks, Bonds and Mutual Funds

Accurate RecordsTax purposes

Make a section for each investment

Original confirmation statementOriginal costRunning tally of all

transactionsCopy of 1099 form

3-ring binder or file folders

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

28

Legal Records to Keep

Official certificatesBirth, marriage, death, etc.

Current estate planning information Will

Advance Directives for Health CareLiving Will, Durable Power of Attorney

Social Security card Passport

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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, PrepareCooperative 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, PrepareCooperative Extension

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How long to keep papers

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

32

How Long is Long Enough?

Decision of what to keep can be difficultNewsletters vs. birth

certificates

Date all information when it goes into the file

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative 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, PrepareCooperative Extension

34

How Long to Keep Tax Records

Income tax records, worksheets, and documentation of deductionsIRS 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

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35

IRS says----

Source: Internal Revenue Service, Pub 552

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Replacing important papers

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37

Lost, Stolen or Destroyed Birth Certificate

Immediately contact• County government office• http://www.vitalrec.com

Information needed• Name of record, date of birth, place of birth (city

or county), father’s name, mother’s name (including maiden name)

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38

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

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Make a plan

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

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Get Started

Make an appointment with yourself

Regular weekly scheduleStick to itRegular time for organizing

records

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative Extension

41

Summary

Make a planGet organizedReplace missing itemsMake Appointments

Complete inventory Update annually

Start Now!

Legally Secure Your Financial Future: Organize, Communicate, PrepareCooperative 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 www.csrees.usda.gov/fsll