Identify your personal assets and liabilities: Personal Financial Statement
What is a Personal Financial Statement?
A Personal Financial Statement is a document that helps you organize your important financial information and can be used for your personal records or to show to someone else. Personal Financial Statements often cover the most common kinds of financial assets and liabilities, and thus provide a clear snapshot of your financial portfolio.
Also referred to as a Statement of Assets and Liabilities or even Personal Balance Sheet, a Personal Financial Statement can help save time when you're consulting with a professional such as an attorney, financial planner, estate planner, real estate agent, or broker. They are also useful when you are starting a new business, preparing to buy real estate, or working on a Prenuptial Agreement or Estate Plan. If you're planning to apply for a loan, lease, or a line of credit, having a financial statement prepared can help demonstrate creditworthiness and increase your odds of getting approved.
Ready to make your own Personal Financial Statement? With Rocket Lawyer, it’s as simple as answering a few questions – we will build the document for you. Get started now!
Note: If you are married and have combined all or some of your personal finances, a Joint Financial Statement may be more appropriate for your situation.
When to use a Personal Financial Statement:
- You're single and meeting with an estate planning attorney or financial planner.
- You're thinking about applying for a loan.
- You're planning to buy real estate or working on your estate plan.
- You'd like to get your liabilities and assets figured out.
Sample Personal Financial Statement
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PERSONAL FINANCIAL STATEMENT
prepared for
on
| Name |
| Address |
| , |
| Home Phone |
| Birthdate |
| This statement is prepared to be |
(not included in asset total)
(not included in asset total)
SUMMARY LISTING OF ASSETS AND LIABILITIES
| ASSETS | Amount |
| _____________ |
| TOTAL ASSETS: |
| LIABILITIES | Amount |
| _____________ |
| TOTAL LIABILITIES: |
| NET WORTH: |
| ============ |
SOURCES OF MONTHLY INCOME:
| Investment Accounts |
| Trusts |
| Other Sources |
| _____________ |
| TOTAL MONTHLY INCOME |
MONTHLY EXPENSES:
| Child Care |
| Food |
| Health Care/Medication |
| Utilities |
| Housing/Rent |
| Other Mortgage Loans |
| Auto Loans |
| Auto Insurance |
| Other Insurance |
| Credit Cards |
| Student Loans |
| Other Expenses (including clothing, recreation, misc.) |
| _____________ |
| TOTAL MONTHLY EXPENSES |
I certify and warrant that to the best of my knowledge the information contained in this Personal Financial Statement is true, correct and complete.
The Personal Financial Statement is not a legal document and does not require any signature, witnesses or notarization.
| _____ | If a certification as to the accuracy and completeness of the financial statement is required, it will be necessary for to sign the statement. |
| ____ | Lender or officer of financial institution |
| ____ | Financial advisor and/or individuals that the statement was prepared for |
Personal Financial Statement FAQs
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How do you make a Personal Financial Statement?
It's simple and easy to get what you need with a free Personal Financial Statement template from Rocket Lawyer:
- Make the document - Provide a few simple details, and we will do the rest.
- Send and share it - Look over the document with an attorney, if desired.
Once your Personal Financial Statement is made, you can edit, download, or share it. Make sure you keep a copy for your records.
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How do you write a Personal Statement of Assets and Liabilities?
A Personal Financial Statement is typically just another name for a Personal Statement of Assets and Liabilities. The template on this page will create a Statement of Assets and Liabilities.
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Why is a Personal Financial Statement important? What does it include?
A Personal Financial Statement is important because it can help you assess your financial health, track your progress towards financial goals, and make informed decisions about budgeting, investing, borrowing, and saving. It typically includes details about assets (such as cash, investments, real estate, and personal property), liabilities (such as debts and obligations), and it can even calculate the individual's net worth (assets minus liabilities).
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What are some examples of personal financial documents?
Examples of personal financial documents that you'll want to refer to while making your financial statement include:
- Checking account records.
- Savings account records.
- Stocks and bonds.
- Real estate holdings.
- Accounts receivable.
- Annual income.
- Retirement plans.
- Car loans.
- Personal property.
- Credit card debts.
- Mortgage information.
- Loans (student loans, etc.).
- Any other relevant assets or liabilities.
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Are Personal Financial Statements confidential?
Personal Financial Statements typically contain sensitive financial information and should generally be treated as confidential. However, a person may be required to share their financial statements with certain parties, such as lenders or financial advisors, to fulfill specific requirements or obtain financial advice.
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