When to Update Papers

Personal Finance April 11, 2008 Print Friendly and PDF
wedding, baby hands, headstone

From time to time, some of your household papers and records will need to be updated. Make it a habit to review your important papers annually. It's a good idea to set up the same time each year to do this -- perhaps at tax time, during a holiday, or when you're revising your annual net worth statement. You'll want to add items to your household property inventory that you've purchased during the year and remove items that you've sold, transferred, or retired. Your attorney can help you decide if your estate plan needs updating. The birth of a child, marriage, death, and other significant changes also trigger the need to update important papers.

A systematic plan makes this task far less grueling than it might otherwise be -- and it gives you the satisfaction of knowing that your records will continue to be in order as your life changes. Here's where the Record of Important Papers comes in really handy!

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.