Many of us still instinctively cling to the notion of keeping paper copies of everything - even electronic files we print out for posterity.

There is nothing wrong with that. Just be sure to have a filing system that enables you to put your hands on what you need, when you need it. Decide what to save (and for how long), what to shred (and when) and what to share (and with whom). Here are some important examples.

What to Save

These are important documents for the long run and should be kept in a fireproof safe or in a safe-deposit box.

As Long as You Live

  • Birth/death certificates
  • Social Security cards
  • Marriage licenses
  • Divorce decrees
  • Pension plan documents
  • Copies of wills and living trusts
  • Military discharge papers
  • Copies of burial deeds and plots
  • Safe-deposit box inventory

As Long as You Own the Item

  • Product warranties
  • Property deeds
  • Mortgage documents
  • Mortgage payment receipts
  • Life insurance policies
  • Certificates of deposit
  • Receipts for home improvements

What to Shred

These are documents with personal information such as your name, address, phone number, Social Security number or bank account number and should be destroyed after a certain period of time. Many experts agree that these documents should be shredded when no longer needed.

  • Bank statements (shred after one year; hold for five years if you may be applying for Medicaid)
  • ATM statements (shred after reconciling with bank statement)
  • Credit card bills (shred after 45 days, unless needed for taxes, insurance or proof of purchase)
  • Tax returns and supporting documents (shred after seven years)
  • Retirement account portfolio changes (shred after reconciling with monthly or quarterly statement; keep proof of IRA contributions until you withdraw the money)
  • Medical records (shred after five years but keep information related to prescriptions, ongoing treatment, specific medical histories and health insurance)
  • Utility and phone bills (shred after reconciling with most recent statement, unless related to tax-deductible expenses)

What to Share

These are directives that normally involve another person, so you should share copies of the documents with concerned parties.

Financial power of attorney: This allows someone to act on your behalf if you are unable to do so yourself. The holder can transact business, including buying, selling, paying debts and handling real estate. Choose a trustworthy person, keep a copy of the document for yourself and share a copy with the person you name as your agent.

Health care power of attorney or health care proxy: This person makes medical decisions on your behalf if you are unable to do so. Again, choose a person you trust, keep a copy of the document for yourself and that person and share a copy with your doctor. You may also wish to share the details of the arrangement with your family.

Advance directive or living will: These documents direct whether life-sustaining procedures are desired to prolong your life when it is medically determined there is no hope of recovery. Give a copy to your doctor. You may wish to share your wishes with family members.

Did You Know...

You can leave a gift to University of Dubuque in your will? It would be our pleasure to help you with the process. If you would like to support our work well into the future, please contact Advancement Office at 800.483.2586 or UDAlumni@dbq.edu to learn about your many options.