01 Dec My dad died. The estate is settled. What paperwork do I need to keep?

Q. I was the executor for my father’s estate, and I want to get rid of all the paperwork that I think is irrelevant to anything anymore. I did everything for the estate with the county where he died, and it’s all settled. I’ve requested legal documentation stating that because the clerk’s office doesn’t automatically provide that information. Can I destroy credit card statements, bank statements and medical records? He passed away June 9, 2021.
— Executor

A. We’re sorry to hear about your dad.

There are a few things to know about his paperwork and the paperwork from the estate.

The general rule is that records should be kept for a period of seven years, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park.

That’s because the Internal Revenue Service, under certain facts may audit a return six years after its filing or due date, notwithstanding that most audits will occur within three years of filing, she said.

Similarly, any creditor, such as a medical provider or other claimant against the person who died and their estate would generally likely bring suit within that period, if that ever happens, she said.

“If the credit card statements, bank statements and medical records are very old, having been stored by the decedent for years prior to death, such ancient records can be disposed of and should be shredded,” she said

You don’t have to keep hard copies, and many banks will allow you to download the statements so you can reduce your paperwork with the electronic storage of these documents, she said. You can also scan what you think you need to keep.

But there are some originals you should hold on to, she said

“Originals should be kept of the decedent’s certificates of death, birth and marriage, as it may be necessary to produce such original documentation to evidence family relationships or property rights,” Romania said.

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This story was originally published on Dec. 1, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.