From time to time, some of your household papers and records will need to be updated. Make it a habit to review your important papers annually. It’s a good idea to set up the same time each year to do this — perhaps at tax time, during a holiday, or when you’re revising your annual net worth statement. You’ll want to add items to your household property inventory that you’ve purchased during the year and remove items that you’ve sold, …
Welcome to PowerPay: PowerPay is a system designed to help you eliminate debt in the fastest possible way. PowerPay works when you are willing to:
Total monthly payments don’t change, but the distribution of those payments changes and the overall debt will generally be retired sooner and with considerable savings to …
It can be extremely distressing when important household papers are lost, stolen, or destroyed. Take heart in knowing that you are neither the first nor the last to face the problem of replacing important papers.
Many household records are replaceable—some quite easily. For example, your insurance company can send you another copy of your insurance policies, and the institution that holds your checking account can usually send you copies of cancelled checks. However, replacing some important papers may be costly …
Important household papers include family, property, financial, and legal papers that legitimize and protect you, your family, and your estate. They document identification, ownership, legal and financial status, employment, education, and family history.
Take an inventory of your important household papers, which may include:
Once you have worked through the SMART goals worksheet write out short-, intermediate-, and long-term financial goals following the SMART goal format.…
To replace lost or destroyed insurance policies, contact the agent or company that provided you with the coverage. You may need to complete a form (including the policy number), pay a fee for duplicate copies, or both.
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Intermediate-Term Goals (complete in three to six months)
An intermediate-term legal goal might be to work with an attorney to write your will. Break down the tasks, including some short-term ones. For example, get names of attorneys who specialize in wills and estate planning.
To make this goal specific, list the resources you will use to obtain attorneys’ names, addresses, and telephone numbers. (Refer to the Selecting an Attorney section of the Legally Secure Your Financial Future: Prepare Your Estate …
Several factors determine how long it’s appropriate or necessary to keep important household papers. These include the paper’s origin or source, intended use, and required access. Consider these recommended guidelines:
Keep Indefinitely
Permanent or original records that do not change over time. Examples: Birth, marriage, death, adoption, military discharge, and naturalization papers.
Keep for Multiple Years
Records for proof of payment or transactions. Examples: Tax returns with documentary proof (keep for a recommended three to six years); title to a …
Acknowledgments
Legally Secure Your Financial Future is a self-study curriculum to help you organize your important papers, communicate your wishes about legal and other issues, and prepare your financial affairs.
Content development by:
Marilyn C. Bischoff, M.S., Team Leader
Extension Professor and Family Economics Specialist
University of Idaho Extension
Boise, ID
Joanne Bankston, Ph.D.
Family Economics and Management Specialist
Kentucky State University Cooperative Extension Program
Frankfort, KY
Elizabeth E. Gorham, Ph.D.
Associate Professor, Extension Family Resource Management …
Never search again for an important household paper. Organize your record-keeping system to save time and effort. Start now, with today’s papers. Forget the backlog of yesterday’s unfiled stacks, at least for now.
If you receive a bank or credit union statement this week and don’t yet have a file for storing your banking information, make one that’s labeled with the name of the bank or credit union. If you have space on the label, include the type of account …
