The start of a new year is a good time to take stock, not just of finances and goals, but of the paperwork that follows you through life.
Many people keep important documents far longer than necessary, while others unknowingly discard records they’ll need later. A simple annual document review can reduce clutter, protect against identity theft, and help ensure your legal and financial affairs stay in order.
Here’s a practical guide to what to keep, what to shred, and what to save as you head into 2026. And be sure to download our handy checklist for easy reference.
Why a yearly document review matters
Documents don’t expire all at once, but life changes fast. New jobs, moves, marriages, divorces, property purchases, and family changes all affect what paperwork still matters.
An annual refresh helps you:
• Find critical documents quickly when you need them
• Avoid keeping outdated or misleading records
• Reduce the risk of identity theft
• Confirm that your legal documents still reflect your wishes
For many people, this process also highlights gaps, especially around estate planning and decision-making authority, that are easier to address sooner rather than later.
What to keep permanently
Some documents should always be kept in a secure location, ideally both physically and digitally.
Personal and family records
• Birth certificates
• Adoption papers
• Marriage certificates
• Divorce judgments
• Death certificates
Citizenship and identity documents
• Social Security cards (store securely, not in a wallet)
• Passports (current and expired)
• Naturalization papers
Estate planning documents
• Wills
• Trust agreements
• Powers of attorney
• Health care directives
Property and ownership records
• Real estate deeds
• Mortgage satisfaction documents
• Vehicle titles
• Property surveys
These documents form the foundation of your legal identity and ownership rights. Losing them can cause delays, expenses, and unnecessary stress.
What to keep for several years
Other documents are important, but only for a defined period.
Tax and financial records
• Federal and state tax returns (generally four to seven years, depending on the situation)
• W-2s, 1099s, and supporting tax documents
• Records supporting deductions or credits
Employment and benefit records
• Employment contracts
• Pension and retirement plan statements
• Benefit summaries
Insurance records
• Policies currently in force
• Claims documentation until resolved
Medical records
• Explanation of benefits statements
• Major treatment records
• Vaccination records
If you’re unsure how long to keep a specific record, err on the side of caution or ask a professional before discarding it.
What you can usually shred
Shredding is essential for documents containing personal or financial information.
Routine paperwork
• Old utility bills
• Outdated bank statements
• Credit card offers
• Receipts for everyday purchases
Expired records
• Insurance policies no longer in effect
• Warranty documents for items you no longer own
• Old pay stubs (once tax filings are complete)
If a document includes your Social Security number, account numbers, or medical details, shredding is safer than tossing it in the trash.
What to save digitally
Digital storage can simplify record-keeping, but it works best with a system.
Consider scanning and securely storing:
• Estate planning documents
• Insurance policies
• Tax returns
• Property records
Use encrypted storage or a reputable secure cloud service, and make sure a trusted family member knows how to access these records if needed.
A note on estate planning documents
One common outcome of a document refresh is realizing that legal documents are outdated — or missing entirely.
If your will, power of attorney, or health care directive doesn’t reflect your current wishes, family situation, or assets, it may not work as intended. Wisconsin law has specific requirements, and relying on old documents or generic forms can create problems when clarity matters most.
A short review with an attorney can confirm whether your documents still do what you expect them to do.
Start the year organized and prepared
You don’t need to tackle everything at once. Start with one drawer, one folder, or one digital file. The goal isn’t perfection; it’s confidence that the documents you keep actually serve you.
If your review raises questions about estate planning, powers of attorney, or long-term planning, an attorney can help you sort through next steps and make sure your plans are solid.
For guidance tailored to your situation, the attorneys at Johns, Flaherty & Collins are here to help.
