Create your
personal
Balance sheet

A balance sheet, listing debts and assets, will be extremely beneficial for your executor when creating a probate inventory, and will greatly speed up the process of winding up your estate.

Create a
Balance Sheet

What is a personal balance sheet?

A personal balance sheet provides an overall snapshot of your wealth at a specific period in time and is a summary of everything you own, everything you owe and your net worth. Net worth = Assets – Liabilities.

What are assets?

Your assets are cash, money in the bank, and everything you own that has a positive financial value. Below is a basic categorized list you can use as a basis.

Cash assets: Cash on hand, money in bank accounts, money markets, fixed deposit accounts, etc.
Investments: TFSA accounts, unit trusts, mutual funds, bonds, stock, shares, etc.
Pension plans: Retirement plans, pension funds, provident funds, retirement annuities, etc.
Insurance policies: Funeral cover, life cover, bond protection insurance, income protection insurance, etc.
Business interests: Owned and partly owned businesses, partnerships, joint ventures, and other non-publicly traded business entities.
Personal loans: Loans where you are the lender
Properties: Buildings, houses, farms, stands, etc.
Vehicles: Motorcycles, cars, trailers, boats, airplanes, trucks, tractors, etc.
High value assets: Jewelry, art, antiques, collections, cash, gold or items that are usually held in a safety deposit box or safekeeping.
Personal effects: Furniture, devices, appliances, equipment, personal belongings, etc.

What are liabilities?

Your assets are basically everything you owe to lenders or creditors. For loans as an example, use the current balance of your loan and not the initial starting value. Below is a basic categorized list you can use as a basis.

Mortgage bonds
Asset finance: Finance for Motorcycles, cars, trailers, boats, airplanes, trucks, etc.
Retail accounts: Clothing, furniture, appliance installment payments, leases and credit accounts, etc.
Loans and credit: Personal loans, private loans student loans, loans against life assurance policies, credit card debt, overdrafts, etc.
Other liabilities: Unpaid taxes, arrears payable, suretyships signed, etc.

Update your balance sheet

As you pay off your debt, your total liabilities will decrease, which will increase your net worth. Your total assets value will also change as you buy and sell assets. This means that your net worth is constantly changing, therefor it is recommended that you update your personal balance sheet at least once a year.

Get Started Today!

Download a Free
Balance Sheet
Template

Ashes to ashes, dust to dust, all come from earth, and to earth all return.

Ashes to ashes,
dust to dust,
all come from earth,
and to earth all return.

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