It’s the time of year when spring cleaning is in full swing, and many want to avoid the heavy-duty cleaning, but there is something smaller and easier that will make your life more manageable.\u00a0<\/p>\n
It’s all about decluttering, especially all of those papers you’ve held onto but probably don’t need.\u00a0<\/p>\n
The advice is simple: secure what you need, and get rid of a lot that you don’t need, and never will.\u00a0<\/p>\n
Bank statements, bills, credit cards – what is worth throwing out?<\/p>\n
For Chuck O’Neill at Executor Services, he’s seen it all.\u00a0<\/p>\n
“We have clients who keep every bank statement, every canceled check they’ve ever had; we’ve had them, going back to the late 70s,” he explained.\u00a0<\/p>\n
O’Neill said that all of that is unnecessary, saying you don’t need all of those documents, closed accounts, and closed credit cards; they no longer serve a purpose.\u00a0<\/p>\n
If it’s older than seven years, you can throw it out.\u00a0<\/p>\n
“That’s the amount of time that the IRS can come after you for an audit,” O’Neill said.\u00a0<\/p>\n
Tax returns are just the beginning of things you need to keep. Along with those, you need your will, insurance policies, car titles, deeds, a list of your assets, and accounts and how to access them.\u00a0<\/p>\n
Making sure your affairs are in order, regardless of age<\/p>\n
Christine Brown Murphy, a partner at Zacharia Brown & Bratkovich, a law office specializing in elder law and estate planning, said that you should have a power of attorney and a living will if you are over 18.\u00a0<\/p>\n
“So, rather than your loved ones having to be burdened with making that end-of-life decision, that living will document already sets out the instructions for your loved ones,” Murphy explained.\u00a0<\/p>\n
You should also make sure they’re secure, but that doesn’t mean something like a safe deposit box at the bank.\u00a0<\/p>\n
“Only the person that is on the signature card for the safety deposit box can access it without going through a whole administrative process,” she said. “When someone passes away, that safe deposit box gets locked.”\u00a0<\/p>\n
Instead, keep those documents at home in a safe or a fireproof box.\u00a0<\/p>\n
This also doesn’t just apply to those with more life experience; it’s never too early to plan.\u00a0<\/p>\n
“You need to start thinking about this stuff, especially if you have someone else who relies on you,” Murphy said.<\/p>\n
Finally, make sure that you share the access to the safe with whoever you choose as your power of attorney and your executor.\u00a0<\/p>\n
Inside the safe, include a list of important people and their contact information: that includes your attorney, CPA, financial advisor, all of your accounts and passwords, security questions, and access to your online footprint.\u00a0<\/p>\n