Now comes the grunt work so it's best to just get started. You need to go through all, repeat ALL, of your parents’ paperwork. You are on a treasure hunt or at least an information hunt and you cannot leave any stone unturned.

But, before you begin here are few tips. If your parents do not have one, buy a good shredder. Not one of the cheap ones because before you are done you'll probably burn it up (I've done so to 2!). Buy a moderately priced crosscut shredder that can handle more than one sheet at a time. Get the kind that can fit on a big wastebasket. Then buy a supply of the large garbage bags.

Next, if you parents do not have a file cabinet, buy one of the large plastic file boxes with a handle in the lid for convenient movement. (I like the file box because it's easy to transport when necessary rather than an immovable file cabinet) Buy a supply of file hangers (some boxes come with a few) and manila folders with one-third cut tabs or whatever kind you like best. Finally, buy an 8.5x11 tablet with tear out pages and a supply of pens. A small calculator also comes in handy at times.

Now this is important, look at every piece of paper. It either goes in one of three places; the shredder/wastebasket, a file folder with its identity marked on the tab or in a pile of to-be-looked-into-further (or the "?" pile). The 3 piles should be large, medium and small in that order.

Yes, I know this is time consuming but unless you are clairvoyant it's the one way to ferret out those financial gems of information. Be nice but do not take your parents word that "that stuff is not important, you can pitch it." You cannot take the chance of throwing away the one important document or clue to some long forgotten investment. Papers easily get misfiled or "lost" over time especially if your folks lived in the same home. Some paperwork is very difficult to replace, for example a stock certificate.

Here is a list of documents you should keep and how long to retain them. It's not all encompassing but you get the idea.

. Tax Records & Backup Docs (checks, receipts, etc.) - 7 years
. Payroll/Pension stubs - Keep the monthly statements until you receive the Dec. 31st stub. This recaps the entire 12 months and you no longer need the others. If you received a special pay/pension payment during year with an explanation included you might keep that one.
. Bank & Credit Card Statements - 3 months or long enough to enter in budget.
. Medicare & 2nd Payer Statements - some experts say 5 years but I disagree. It takes as long as 6 months for some health providers to finalize billing first to Medicare then to any private (2nd payer) insurance. Since the combination of the two usually pays all or most of the bill these statements are of little use once the bill is paid in full. And, they can amount to a LOT of paper.

BUT, if you note a rejection on either statement keep them until it's resolved or follow-up with medical billing office to be sure they have correct Medicare/Insurance info. This misidentification problem crops up more often than you would think possible with all the forms you fill out for medical attention.

DO KEEP those bills you pay for tax deduction backup (7 yrs). Some pharmacies will provide a year-end summary of your payments if you request it. A great help at tax time.
. Home/Auto/Medical Insurance Policies, receipts - 5 years, 10 if you suspect there may be an issue in the future you need proof of payment. Don't discard any insurance policy until you are absolutely sure it has been cancelled.
. Utility Bills - If backup to tax deduction 7 yrs, otherwise 3 months or until entered in budget.
. Financial Documents (stocks, bonds, CDs, etc.) Keep some place safe, preferably fire-proof.
. Investment Paperwork - Keep the year-end recap for stock, 401K, etc. activity until the year after sold/redeemed for tax cash basis calculation. Pitch the prospectus, annual reports, BOD votes, etc. once you've read or decided not to act on them. Shred any that identify your account. As for dividend statements, you should get a 1099 tax form after year-end recapping this income.
. Mortgage/loan documents - Keep 10 years the "PAID" statements. The HUD Closing Statement is backup for tax deductions (7 yrs). Current mortgages/equity/loan/line-of-credit paperwork is bulky but important, keep it.
. Personal Documents - Birth Certificates, Citizenship, Baptismal, Diploma, Marriage Certificates, Divorce, Honorable Discharge, etc. I shouldn't have to tell you, keep them someplace safe and fireproof.
. Liens - If you have renovations done by a contractor be sure you get a satisfaction of lien from them and keep as long as you own property.
. Cancelled Checks - Before the days of the new check law your parents probably received hundreds of cancelled checks in their monthly statements and promptly "filed" them away in a forgotten closet. Keep the ones that support tax deductions (charity, medical, tax, etc.) for 7 years. Keep any that support a claim against an insurance company, bank, etc. Shred the rest. Yes, it's tedious but each check contains their account, name & address for identity thieves.

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We all know about identity theft but what should you shred? Any piece of paper with your parents social security numbers (e.g. Medicare Statements), account numbers (e.g. old deposit slips, cancelled checks), income or expense records that could tell someone about their wealth and where it is at (e.g. Investment, Pension, 401K, Checking Account Statements), documents with birth dates, place of birth, or other personal information (identity thieves can use this info to find out enough about you on the web to start stealing) and just any document you think may have more than their name and address. Now you know why you need the large garbage bags.

And last, if you are not sure if the document (even just a letter) references some financial asset or your parents can't remember what it's about put it in the "?" pile.

OK, grit your teeth and begin. When text begins to swim in front of your eyes, close them and take a break, or you might miss something in you fatigue. Or, you'll end up with a headache and sore eyes.