As far as I know, what you call the "generic" Wardstones (Wardstones you can get off of anyone who can be found in Ulgoth's Beard) don't do anything, or at least not anything that can be easily accomplished by other means. I played one game with them, and one game without them, and noticed no difference.
The other Wardstones are each only used ONCE. I suppose you could play it safe and carry them all in your Inventory--there's only 5 of them that you can keep after all. Me, I just make multiple trips upstairs to stash my loot in containers I know I'll be able to get back to after I leave.
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Volothamp's Comeuppance
Everything you ever needed to know about the entire Baldur's Gate series......except spoilers.
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