for your
office
Tips to avoid
ID theft
IDENTITY THEFT IS the fastest-growing
crime in America, with no signs of slowing
down. Most of these crimes stem from stolen
paperwork. Properly storing sensitive documents—and properly disposing of them
when it’s time—can help you avoid becoming a victim.
Here’s a guide to safely storing documents, covering where to store documents
and how long to keep them on hand, courtesy
of the shredder manufacturer Fellowes. It’s
best to consult your accountant or financial
adviser when in doubt.
When it’s time to dispose of these personal documents, make sure they’re completely destroyed. Identity thieves thrive on
scavenging sensitive documents from garbage cans and recycling bins. One of the most
effective ways is to shred the documents. That
includes plastic media, such as CDs and
credit cards.—Tim Talevich
Birth, marriage and
death certificates
Safe deposit box or fireproof
home storage
Permanently
Will
Signed original with probate
division of circuit court or safe
deposit box (if jointly rented);
copy in home file
As long as in effect
Advance directive
(living will/durable
power of attorney
for health care)
Home file, safe deposit box and
copies with agents and family
members
Permanently
(update as needed)
Passports
Home storage or safe deposit box Until replaced
Social Security card Home storage
Permanently
Medical history
Home file
Permanently (update as needed)
Inventory of
valuable papers
Home file; leave copy with
advisers, trusted family
members or friends
Permanently
(update at least annually)
Stocks, bonds and
other securities
Safe deposit box; listing in home
file
Duration of ownership or longer
if needed for tax purposes*
Bank accounts,
account registers
and statements
Home file
Duration of ownership or longer
if needed for tax purposes*
The Costco Connection
Costco features safes and shredders from
Fellowes and other manufacturers in the
warehouses and at costco.com.
Canceled checks
Home file
Three years minimum
Copies of past tax
returns
Home file
Six years minimum
* Usually six years
