My mother-in-law passed away unexpectedly last week from a stroke. She saved everything, and I mean everything. So I’m sorting through all of her papers and documents and we are not sure how far back we are supposed to keep them. Five years? Ten? She stowed every bill, statement, receipt, note, lottery ticket, everything, since the dawn of time. She did have a will but we do not know all of her assets yet. So how much, and what, should we hold onto right now? Thanks all.
My husband‘s older brother is POA but is co-executor with my husband. There are no other living relatives besides them.
Mom was in an AL and then LTC. So I kept the bills from the AL and AL info. I kept statements for two years showing where I paid out to the AL and to the LTC until she went on Medicaid.
I kept the Medicaid records. Her application, lien info and payment of the lien. The lien info I will keep 5 years.
I kept her State ID and Social Security card. Her and my Dads birth certificates and baptism records.
She paid no income taxes because she only received SS. She passed penniless.
I kept the deed to the house (house was 125 yrs old, deed very interesting) and all mortgage info showing it was paid off. I kept all the realtor info.
She did have shares that I was able to transfer over to me so I kept her records on them.
I kept all Probate papers. And records I had kept for the final accting. I got small amounts of money after her death so kept track who they were from and what they were for. You should have a lawyer for probate. I did the initial filings but needed the house, that was left to my brother, put back into the estate. Needed a lawyer for that and he went ahead and finished Probate for me. So nice. Ask the lawyer what you may need for the final accting.
I kept no bills, like utilities, over a year old. Mom had no charge accts. But, if Mom owes a balance, keep the last year. Her statements, if she was like my Mom what went in came out so unless there were some big expenditures, maybe the beginning and end of one year and into the next year.
I sat on the floor with all of Moms papers. I made piles. She had receipts for things that had been paid off and were gone. Receipts for Dads life insurance that she had cashed it. She had the policies. You should check with the company to make sure any policies were cashed in. I had a shredder nearby. So then that left me with less piles that I went thru again.
Its overwhelming but you just have to think, will we need this for anything. Mom died in 2017. Every year or so I go thru the box and get rid of paperwork no longer relevant. I am hoping after five years I can get her paperwork down to a pouch the funeral home gave me. It really comes down to, she is gone. If anyone comes after her for money, sorry there isn't any and I am not responsible.
https://www.irs.gov/taxtopics/tc305
May The Lord give you grieving mercies , wisdom and understanding to deal with this.
Kind of sad, really. A whole life ends up being contained in one legal sized envelope.
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