Organizing Important Papers

Keep tax returns and supporting materials for at least three years, the time the IRS has to begin an audit. However, the IRS can begin an audit within six years if there has been substantial income omitted and there is no IRS time limit for fraud.

Information on investments should be kept for as long as you own the investment, plus the three years it is needed to support the tax return on which it is reported.

Safe deposit boxes are the best places to keep items that are valuable. This includes jewelry, cash, stamp and coin collections and negotiable instruments like stock certificates and bonds. They are also good places to keep items that are not replaceable or that have sentimental value. A household inventory (video taped or written), appraisals, listings of insurance policies and credit card numbers should also be kept in a safe deposit box.

Wills should be kept in an easily accessible place. Copies of wills should be kept in your safe deposit box and by your attorney. Note the location of your original will on any copies.

Be Prepared If Disaster Strikes

As survivors of Hurricanes Harvey, Irma and Maria can attest, it is essential to be prepared for the unexpected, both physically and financially. Being adequately insured and having an emergency savings fund are important. But so is having the personal and financial information you may need to manage your finances if you lose access to your home.

Create an Evacuation Kit

To help identify and organize the information and documents you would want, start with the Family Records Almanac. The Almanac that can be downloaded and printed has places to record everything from financial account numbers to family histories. You may want to put the pages in a binder with plastic storage sleeves to hold documents like property deeds, tax returns and insurance policies.

You may also want to store valuable personal items like photo albums, jewelry and family heirlooms in a central location so you can easily gather them if you are forced out of your home. At least know where these items are so you can find them in a hurry. Valuable items such as coin collections, stock certificates and negotiable bonds should be kept in a safe deposit box.

Have an Evacuation Plan

In the confusion of a disaster, it is important to be able to find and contact family members. Establish a rendezvous location and travel route to use if you have to get out of your immediate area. Keep a list of important phone numbers handy and make sure you have some cash to pay your living expenses for a few days.

No one can prevent a natural disasters or fire destroying your home. However, having your financial and personal information safe can make the recovery much easier.

• Family Records Almanac - The Family Records Almanac can be used to record important financial and other information in a convenient manner.
• Safe Deposit Boxes - Safe deposit boxes are handy tools. They provide a safe place away from your home or office to store valuables. Learn some of the ways to most effectively use your safe deposit box.