Document Locator System: A Handy Aid For Keeping Track of Your Records

-   Are you able to locate insurance contracts, wills, and other important personal records quickly and easily? With this simple document locator system, you no longer need to wonder where to file a paper or where to find it.

The Document Locator System

Most people have no idea where to start searching for their important records. They usually keep them scattered in various locations - tax records in a file cabinet, savings bonds in a home safe, wills at an attorney's office, some contracts or deeds in a bank safe deposit box.

There's a reason many people do not have an organized recordkeeping system: Organizing your records is stressful and confusing.

The Document Locator System is effective because it takes away that stress and confusion. This simple recordkeeping system provides an easy way to keep track of your important personal (not business) records, keeping them organized and available. You will not miss out on a tax deduction because you did not keep the necessary receipt. More importantly, the document locator system will help a spouse or executor locate your documents in case of death or disability.

Set Up Tabbed Sections

Set up tabbed sections in your files with the following captions (customizing sections as appropriate to your particular situation):

1. Banking
2. Children
3. Credit and Loans
4. Employment
5. Estate Planning [including wills and post-mortem matters]
6. Important Personal
7. Insurance
8. Investments
9. Major Assets
10. Professional Residences
11. Tax Records
12. Vehicles [including boats]

File The Documents

File the documents and other records listed in Column 1 in the file sections recommended in Column 2 of the Document Locator. Where the original or a copy is filed elsewhere, note this location in Column 3 of the Document Locator. You can also use Column 3 for any notes regarding the document (such as: Passport - "Renew by October 12, 2022" or IRA - "Take first distribution by December 31, 2022"). Where your filing system suggests a file section other than that recommended in Column 2, just substitute your location for the recommended one. For items other than those named here, use the blank spaces at the end of the Locator.

This Document Locator is shown at the end of this Financial Guide.

Tip: Put a photocopy of the Document Locator, which will contain the locations of all your important documents, in a fireproof safe or safe deposit box.

Tip: In addition to the Document Locator System, prepare a post-mortem letter to a spouse or executor. This is also an essential part of helping your heirs and family members get your affairs in order in the event of death or disability. The purpose of such a letter is to provide them with the information needed to locate records or assets. This will prevent erosion of your estate by unnecessary taxes, unfounded claims, or just plain loss of assets.

The key is to develop and follow some type of recordkeeping system, not necessarily the one recommended here. If you have any questions, contact your financial advisor.

Tip: Cull your records every so often. By getting rid of the papers you no longer need, you minimize the ever-encroaching mountains of paper we all have to handle.

Documents You Should Be Able To Locate Easily

Certain documents, records, and other information should be easily locatable in an emergency. These include (1) your personal records, (2) a list of your assets, (3) your estate planning records, and (4) your financial records.

Personal Records

• Birth certificates of family members
• Death certificates of deceased family members
• Marriage license
• Divorce decree and custody agreement (if divorced)
• Passports (updated)
• Social Security numbers for family members
• The names and addresses of family members, close relatives, and any persons mentioned in a will
• Military records
• List of previous employers
• List of government employers
• Medical records and health insurance cards for family members

In most cases, the reason these documents are needed is self-explanatory.

List of Your Assets

• Description of all major assets that you own separately or jointly with your spouse or other person, together with the approximate values and location of deeds, titles, stock certificates, or other evidence of ownership.

Note: Include cash, realty, investments, IRAs, retirement plan benefits, life insurance policies, interests in partnerships or other business entities, jewelry and other luxury items, automobiles, boats, antiques, coin collections, collectibles, art objects, and debts owed to you by others.

• Appraisals of valuable items
  
• Description of the approximate amounts of pension, military, and/or other benefits you or your spouse may be entitled to on retirement or death
  
• Insurance policies (including group life, individual life, health, casualty, auto, etc.) and identity and phone numbers of insurance agents

Estate Planning Records

• The whereabouts of your will and codicils, along with the name and address of the attorney who prepared them
• Title to cemetery plot or other burial arrangement
• Post-mortem letter to spouse or family members, to be opened after your death
• Living will or other directions in case of disability

Financial and Other Records

• Location of all safe deposit boxes, keys, and passwords
• Important canceled checks
• The names and addresses of your CPA, attorney, and any other professionals concerned with your financial affairs
• Photographic or video record of house and its contents (for homeowners' insurance purposes)
• One statement for each bank account, IRA, mutual fund, broker, or other account you own, along with the name and telephone number of the primary banker, broker, or other contact person for each account
• Brokers' confirmation slips for purchases
• A statement or other reference for any bank account that is not in your name
• One statement or payment stub for each credit card, line of credit, or outstanding loan
• Income tax returns for at least six prior years (including all supporting records for the past six years), and all prior gift tax returns
• Records showing the original cost of any realty owned, cost of all improvements that can be added to tax basis, and depreciation taken (for business or rental property)
• Bills of sale or receipts for major items
• Equipment and appliance manuals and warranty information

Where To File What

Document Locator
DOCUMENT	WHERE TO FILE	OTHER LOCATION/Notes
Accident reports	Insurance
Adoption records	Important Personal and/or Children
Accountant	Professionals
Address book	Important Personal
Alimony records	Tax Records
Apartment - records for	Residences
Annuity	Investments
Antiques	Major Assets
Appliances - receipts, warranties, and contracts for	Major Assets
Appraisals of assets	Major Assets
Assets - list of	Major Assets
Attorney	Professionals and/or Estate Planning
Auto insurance	Vehicles and/or Insurance
Auto loans	Credit and Loans
Auto mileage logs	Tax Records
Automobile title	Vehicles
Bank account statements	Banking
Bills of sale	Major Assets
Birth certificates	Important Personal and/or Children
Boat insurance	Insurance
Boat records	Vehicles
Broker account statements	Investments
Business interests	Investments
Canceled checks - general	Banking
Canceled checks - insurance	Insurance
Canceled checks - tax related	Tax Records
Casualty loss records	Insurance
CD	Banking and/or Investments
Cemetery plot	Estate Planning
Charitable gifts	Tax Records
Checking account statements	Banking
Child support papers	Important Personal and/or Children
Claims - insurance	Insurance
Coin collection	Major Assets
Collections	Major Assets
Confirmation slips - from broker	Investments
CPA	Professionals
Credit cards - list of	Credit and Loans
Credit card statements	Credit and Loans
Credit report - from credit reporting agency	Credit and Loans
Credit union papers	Banking and/or Credit and Loans
Custody agreement	Important Personal and/or Children
Day care records	Children
Death benefits	Employment
Death certificate	Important Personal
Debts owed to you	Investments
Debts you owe	Credit and Loans
Deeds to homes	Residences
Disability insurance	Insurance
Dividends - records of	Investments
Divorce decree	Important Personal
Doctors	Professionals
Dues - professional or union	Tax Records
Employee benefits - description of	Employment
Employers - list of	Employment
Equipment - business use of	Tax Records
Equipment - warranties for	Major Assets
Expenses	Tax Records
Fees - deductible	Tax Records
Financial statement - your personal	Credit and Loans
Forms - tax	Tax Records
Funeral arrangements	Estate Planning
Furs	Major Assets
Gifts - taxable	Tax Records
Government employers - list of	Employment
Health insurance	Insurance
Home - contents of, photographic records	Insurance
Home office	Tax Records
Home improvements	Residences
Inherited property - record of basis	Residences
Insurance policies	Insurance
Interest - record of	Residences and/or Tax Records
IRA	Banking
Jewelry	Major Assets
K-1 Forms	Tax Records
Safe deposit box keys	Banking
Lawyers	Professionals and/or Estate Planning
Lease - home	Residences
License - driver's	Vehicles
Life insurance policies	Insurance
Limited partnership documents	Investments
List of assets	Major Assets
List of automobiles	Vehicles
List of bank accounts	Banking
List of brokerage accounts	Investments
List of children's schools	Children
List of credit cards	Credit and Loans
List of debts	Credit and Loans
List of employers - government and private	Employers
List of home improvements	Residences
List of life insurance policies	Insurance
List of safe deposit boxes	Banking
Living will	Important Personal
Loans - list of	Credit and Loans
Maintenance of appliances	Major Assets
Marriage certificate	Important Personal
Medical expenses	Tax Records
Medical professionals	Professionals
Mileage logs - expenses	Tax Records
Military discharge	Important Personal
Military employers	Employment
Mortgage note	Residences
Mortgage payments and yearly statement	Residence and/or Tax Records
Moving expense	Tax Records
Mutual funds	Investments
Naturalization papers	Important Personal
Owner's manuals	Vehicles and/or Major Assets
Partnership statements	Tax Records
Passports	Important Personal
Paycheck stubs	Employment
Pets	Important Personal
Pension benefits - description	Employment
Photos of family members	Important Personal
Photos of home contents	Insurance
Properties owned - list of	Residences
Property damage - records	Insurance
Prospectuses	Investments
Real estate owned	Residences
Real estate taxes	Residences and/or Tax Records
Registration	Vehicles
Rent - records of	Residences
Residence closing - records of	Residences
Retirement accounts	Investments
Safe deposit boxes	Banking
Savings accounts	Banking
Schools - list of	Children
Service - military	Employment and/or Important Personal
Social Security numbers	Important Personal
Stock certificates	Investments
Survivors' benefits-descriptions	Employment
Tax returns and forms	Tax Records
Traffic tickets	Vehicles
Titles to vehicles	Vehicles
Travel expenses	Tax Records
Trust documents	Estate Planning
Unemployment compensation	Employment
Vacation home	Residences
W-2 forms	Tax Records
Warranties	Major Assets
Wills	Estate Planning

Security Tax Services LLC

North Sound                                       South Sound

2802 Wetmore Ave, Suite 212           33530 1st Way S, Suite 102

Everett, WA 98201                             Federal Way, WA 98003

425.339.2400                                     253.237.0751

fax 425.259.1099                               fax 253.237.0701

www.securitytaxservices.com