What is your Estate Net Worth?

Focus on Growth: Your net worth statement is a snapshot of your financial status at a particular moment. Use it as a tool to track your progress and set goals for the future. Every asset represents potential for growth and prosperity. With dedication and perseverance, your estate net worth can continue to flourish over time.

Gratitude for Opportunities: Recognize the opportunities that have enabled you to accumulate assets and build wealth. Whether it's education, career opportunities, or supportive relationships, express gratitude for the blessings that have contributed to your financial well-being.

Empowerment Through Planning: Creating an estate net worth statement is an empowering step towards financial clarity and preparedness. By understanding your assets and liabilities, you gain greater control over your financial future. You're actively shaping the legacy you'll leave behind, ensuring peace of mind for yourself and your loved ones.

Connection to Your Values: Your assets reflect your values and priorities in life. Whether you're passionate about supporting charitable causes, providing for your family, or pursuing your dreams, your estate net worth statement is a reflection of what truly matters to you. Embrace the opportunity to align your finances with your values and make a positive impact on the world.

Creating a comprehensive estate net worth statement involves gathering information about your assets, liabilities, and personal information. Here's a step-by-step guide to help you put together an estate net worth statement:

Gather Personal Information: Start by collecting personal details such as your full name, date of birth, Social Security number, and contact information. You may also need information about your spouse or partner if applicable.

List Assets:

Make a list of all your assets. This includes:

• Cash and Cash Equivalents: Money in chequing accounts, savings accounts, certificates of deposit (CDs), and cash on hand.
• Investments: Stocks, bonds, mutual funds, retirement accounts (e.g., 401(k), IRA), and other investment accounts.
• Real Estate: The value of your primary residence, vacation homes, rental properties, and undeveloped land.
• Personal Property: Valuables such as jewellery, artwork, antiques, vehicles, and collectibles.
• Business Interests: Ownership interests in businesses, partnerships, or sole proprietorships.
• Other Assets: Any other valuable assets not covered above, such as life insurance cash value or intellectual property.

Determine Liabilities:

List all your liabilities or debts. This includes:

• Mortgages: Outstanding balances on mortgages for your properties.
• Loans: Personal loans, auto loans, student loans, and any other outstanding debts.
• Credit Card Debt: Total balances owed on credit cards.
• Taxes Owed: Any outstanding income taxes, property taxes, or other tax liabilities.
• Other Liabilities: Any other debts or financial obligations.

Calculate Net Worth: Subtract your total liabilities from your total assets to calculate your net worth. This figure represents the value of your estate.

Update Regularly: Your net worth statement should be updated regularly to reflect any changes in your financial situation, such as new assets or liabilities, changes in asset values, or changes in personal circumstances.

Download our Estate Net Worth work sheet here