Financial and Medical Record Retention
My mother-in-law passed away 3 plus years ago. How long do we need to retain paperwork about her illness as well as her financial paperwork from her last years of life.
As a related question, how long do I need to retain similar items for my wife and I? Especially things like monthly bill statements paid, etc.
Thanks!
Terry Says
Well, you’re sort of asking the wrong person — because I am famously (within my family) a keeper of all kinds of records. Good thing I have a big basement with shelves off the floor!
If your mother-in-law’s estate has closed, there is no need to keep her records. You might want to document the valuation of any property you received on the date of her death, so that when you eventually sell it, you’ll get the “step-up’ valuation. But the health records can go.
You should keep your tax and banking records for at least 7 years in case of an audit, and a copy of your tax return and all supporting documents. (In the case of fraud, there is no statute of limitations.) But beyond that, whatever makes you happy!
