Which documents must be kept? Financial expert gives storage tips

Which documents must be kept? Financial expert gives storage tips

According to a report by www.kreiszeitung.de,

From birth certificates to pay slips: not all documents have a lifelong right to exist. A lot of things can go into the shredder. The consumer advice center advises not to dispose of documents that provide information about parentage, identity, professional or educational qualifications or personal finances. Many documents are also relevant for relatives, for example to apply for a death certificate. Medical documents should also not be lost, as the retention period in hospitals or practices ends after 10 years. The will is the only exception to the storage of important documents, as it is usually filed with the probate court or district court.

These documents should be kept urgently:
– Birth certificate
– Investments such as stocks, securities or savings accounts
– Valid identification documents such as ID card or passport
– Marriage certificate or divorce papers
– Purchase contracts for larger purchases, e.g. E.g. cars, watches etc.
– Loan documents and land register extracts from real estate
– Living will and medical documents
– Social Security Card
– Documents on stays in clinics, children’s homes or prisons
– Enforcement notices and court judgments
– Certificates from school or studies, internship certificates or job references

Documents such as employment contracts, social security reports and proof of periods of unemployment should also be retained as they could be relevant to calculating pension entitlement. Tradesmen's invoices, receipts, sales contracts, warranty documents and pay slips have different retention periods depending on their validity. These usually vary between one and six years. You should keep tax documents or other documents that could be important to the tax office for at least four years, sometimes even up to ten years. The retention period begins at the end of the calendar year in which the corresponding invoice was issued or the contract was signed.

Important documents should not simply end up in the trash as this could have serious consequences. In order to safely destroy sensitive information on paper, it is better to shred it. Personal data can be made illegible and protected from misuse. A new Schufa tool can now provide information about whether someone has already fallen victim to data theft. In addition, it is advisable to make backup copies of the most important documents in the event of an emergency and keep them ready to hand in a document folder.