Personal Financial Statements
Personal financial statements are used by individuals for the purpose of obtaining a loan, buy real estate, evaluate real estate, as an estate planning tool, valuing net worth for the purposes of divorce and other situations which require personal financial information. A personal financial statement does not have any information about a business on it other than the net worth of the business. Lenders, banks and other professional require a personal financial statement to evaluate collateral, assets, and to look at a person’s expenses, short and long-term liabilities and net worth. A properly completed personal financial statement will also help with the purchase of life insurance for estate and gifting purposes.
