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Investment Service in Denver – How to Store Important Documents

Investment Service in Denver – How to Store Important Documents

You spend time with your financial advisors as they provide a comprehensive investment service in Denver. But every account, each transaction, and all your data create a pile of documents. Some are already electronic, but you are also left with piles of paper.

How do you store these important documents? Can you access them easily? Are they available in an emergency? Could someone else get access if something happened to you?

Here are some tips about the documents you need to keep, where and how.

Electronic Storage – In the Cloud or External Hard Drive

Any document you initially receive electronically is easy to store that way. The decision you’ll need to make is about the cloud or a local external hard drive.

Now, uploading data to a cloud service is cheaper and more secure than your own physical hard drive. Before you stop using your hard drives, consider these potential issues about switching to cloud storage.

  • Universal Access – Choose a cloud system that works seamlessly from any device. All you need is an Internet connection and the appropriate logins. External hard disks can be misplaced.
  • Security – Previously a major flaw with cloud storage, but cloud security now uses 256-bit AES encryption to protect data. Unfortunately, hard disks are less reliable. Hard disk drives regularly fail before the end of their warranty period. Then it is expensive or even impossible to recover your data.
  • Cost – The cheapest backup solution may be a hard drive because you can get terabytes of storage for under $100. On the other hand, while some cloud storage requires a monthly subscription, there are free options.

Whether you use the cloud or an external hard drive, electronic copies are great for documents received initially electronically or for anything you don’t need the paper originals. Make and store electronic copies you receive from your investment service in Denver and of every important document, even if you maintain a paper version, too.

Recommended documents to store electronically:

  • Tax returns
  • W-2 forms
  • Medical records
  • Educational records
  • Pension plan information
  • Retirement plan details
  • Social Security statements
  • Year-end investment statements
  • Copies of your insurance policies

 

 

 

 

 

 

At Your Attorney’s Office

Traditionally, your attorney drafts your Last Will and Testament and provides a storage place for the original, signed documents. This is critical because only that original document, and not a copy, will be filed with the state upon your death. You may also have a Medical Power of Attorney or Living Will drawn up. Your attorney will keep these until there are required, too.

Recommended documents to store with your attorney:

  • Original Last Will and Testament(s)
  • Healthcare / Medical Power of Attorney
  • Living Will

 

 

Fireproof Safe at Home

A fireproof safe at home protects documents in a fire, are portable in an emergency, and provide easy access to documents you need more regularly. This is an ideal place to keep copies of documents you keep stored in more secure locations.

Recommended documents to store in a fireproof safe at home:

  • Birth certificate copies
  • Passport copies
  • Copy of Will and instructions to be able to locate the original
  • Copies of original documents kept in your safety deposit box or your attorney

 

 

 

Safety Deposit Box

A safety deposit box offers secure, off-site storage for both documents and other valuables. This is ideal for storing documents that you only need to access during bank hours.

Recommended documents to store in your safety deposit box:

  • Original birth certificates
  • Marriage certificate
  • Divorce papers
  • Death certificates
  • Adoption certificates
  • Stocks and Bonds
  • Deeds, mortgages, and other real estate documents
  • Home improvement documents and receipts
  • Major purchase receipts for warranties and insurance
  • Vehicle titles
  • Insurance policies
  • Copies of Will and Testaments and the instructions to locate the originals
  • Healthcare Directives (Living Will)
  • Healthcare / Medical Power of Attorney
  • Financial Power of Attorney
  • Revocable Trust Document(s)
  • Beneficiary directives
  • Medical and burial instructions

 

 

 

 

 

 

 

 

 

 

 

 

Having these important documents organized and properly stored provides peace of mind in an emergency. It makes life easier for your loved ones in case something happens to you. Just like you spend time planning and making financial decisions with your investment service in Denver, take some time to plan and make sure your documents are all safely stored.