Financial records after death

Asked May 24, 2018, 2:14 PM EDT

Both of my parents have been deceased for over a year. There was not much excess at the time; the cash from their savings account was divided between the 5 children. How long do I need to keep bank records and bills receipts?

LaSalle County Illinois

1 Response

To be on the safe side, in the event of a tax audit, estate question, or other query, I would keep their final 6 tax returns, the final year of bank statements while they were alive, and the bank statement showing the withdrawal to divide the funds, for six years after their death. Ditto for the final year's worth of bill receipts for expenses for utilities, mortgage or rent, property taxes, etc. Just in case. All other documents should be destroyed by carefully burning them or using a crosscut shredder.