Client Checklist On Document Retention: What To Keep And What To Shred
Despite the ongoing shift to an increasingly digital world of automatic electronic verification of everything from transactions to identity, the reality is that today, there are still a number of documents that individuals must be able to provide to various companies, regulators, or government agencies. In some cases, those entities will at least accept digital copies of the relevant paperwork or supporting documentation, while in other cases “original” hard-copy versions are required. Which in practice has made it extremely difficult for many households to even figure out what to keep in physical form, what can be scanned and retained digitally, what can be discarded, and what must be shredded. In practice, though, there is no hard-and-fast rule about what documents should be retained (or not). The process of figuring out “what to keep” (in physical or digital format) and “what to shred” depends on the nature of the document and what it will be used for.
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This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
Michael LeCours and fpPathfinder are not affiliated with U.S. Wealth Management, LLC and LPL Financial.