How Long Do I Keep Documents after a Loved One’s Death?
Latest update: 11/05/2024
Losing a loved one is an incredibly difficult experience. During the grieving process, it can be challenging to know what steps to take regarding their important documents. While it may be tempting to dispose of everything right away, it's important to hold onto certain documents for a specific period of time.
Properly organizing and storing these documents can provide peace of mind for you and your spouse or loved one in the long run. It's important to take the time to go through your loved one’s documents, determine which ones need to be kept, and store them in a safe and secure location. This can help ensure that you have access to important information when you need it and can make the process of settling their estate much smoother.
Financial Documents
Note: It is important to consult with a financial advisor or attorney to ensure you're following the appropriate guidelines and keeping what you may need.
Financial documents vary in importance and the recommended time to keep them. It is suggested to keep tax returns and tax related documents for at least seven years[1] after someone’s death. This is because the Internal Revenue Service (IRS) can audit a return for three years after it is filed if it suspects a good-faith error; the IRS has six years to challenge your return if it thinks it possible that there is underreported gross income by 25 percent or more. However, when it comes to bank statements, holding for one year[2] is sufficient. This is due in part to banks’ online record holding time of seven years*. The most effective way to store these documents is digitally. This method reduces clutter and allows one to locate documents in an efficient manner.
*Be sure to check with your individual bank(s) to verify the exact storage time of online statement and other documents.
Medical Records
Medical records should be retained for at least seven years[3] from the date of the last entry or the date of the last health service. These records can be important for understanding inherited health conditions or for legal purposes.
Personal Documents
Personal documents such as birth certificates, death certificates, marriage certificates, and divorce decrees should be kept indefinitely. These documents, although replaceable, are often costly and the process is time consuming. These documents can also be valuable for family genealogy. Most estate papers should be kept for 7 to 10 years after a death. This includes wills, trusts, deeds, and titles. Although you may shred these documents after 7 to 10 years, keeping a digital copy may be beneficial. These documents can be important for resolving any potential disputes about the estate.
Driver’s License
You should keep a driver’s license, ID card, social security card, etc. for three years[4] after notifying the proper authorities. It’s recommended to report the death to your local Department of Motor Vehicles (DMV) to cancel the license and prevent identity theft. However, you may want to keep a photocopy of the license for your records.
Conclusion
While this guide provides a general timeframe for keeping your loved one’s documents after their death, it’s always a good idea to consult with a legal professional or your financial advisor if you have specific questions or concerns. Laws and regulations can vary by location and over time, so it’s imperative to ensure the information you’re using is current and applicable to your situation. Secondly, storing your documents digitally, excluding official copies of certificates, provides an organized system that can be easily navigated with proper labeling. Lastly, remember to take care of yourself during this difficult time and seek support if needed.
Tara M. Hendison, JD, CTFA, is a Certified Trust and Financial Advisor and an attorney. She received her Bachelor of Business Administration in Finance from Washington State University and went on to earn her Juris Doctor from Willamette University College of Law. To speak with Tara, call our office at 503-292-1041 or via email to info@allentrust.com.
[1] “How long should I keep records?” Internal Revenue Service, 5 July 2023.
[2] Dierking, David. “How Long Should You Keep Bank Statements?” Investopedia, 4 June 2023.
[3] “Medical records of deceased patients.” Avant, 13 Aug 2019
[4] Weston, Liz. “How long after a spouse’s death should ID cards be kept?” OregonLive,