Asset balance sheet: how to do it?

A patrimonial balance sheet makes it possible to identify the financial, tax and family situation of an individual as well as his real estate. It therefore allows you to know in depth your financial situation. Carrying out a wealth assessment is essential before making any investments. How to proceed ?

What is a heritage balance sheet?

The fact of establishing a heritage balance sheet consists in carrying out a synthesis of the heritage in order to better consider the realization of certain projects, to set up arrangements that correspond more to his desires, to prepare his retirement as well as the transmission of his heritage, and to secure or energize it.

For business leaders, the asset balance sheet helps protect their company. This review can be done mid-career, near retirement or at an important time in life such as a marriage, an inheritance or the unwinding of a life insurance contract. Once the asset balance sheet has been established, it will be easier to measure whether your monthly savings will be sufficient to carry out your projects in the short, medium or long term.

What are the documents to provide?

To carry out an asset balance sheet, several documents are necessary:

  • the tax notice to know the exact amount of income;
  • bank statements relating to employee savings and financial investments (Livret A, Livret de Développement Durable, Housing Savings Plan, etc.);
  • an estimate of the real estate owned;
  • an Individual Status Report which traces the professional career;
  • a document retracing all current loans (consumer and real estate).
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For people who receive alimony, a document specifying their amount as well as their schedule must be communicated. For people owning shares in a company, it will be necessary to provide an estimate of their values.

In addition, additional information will have to be specified when drawing up the balance sheet. These are personal data (last name, first name, age, etc.) and information on the family situation (marriage, whether or not under contract, celibacy, divorce, PACS, number of children, etc.). Details concerning the professional status (auto-entrepreneur, employee, self-employed, etc.) as well as the profession will be required. If donations have already been made, they should be reported.

A heritage assessment in two parts

A wealth balance sheet is made up of two parts: assets and liabilities. Assets are goods that have a positive economic value (a home, a car, shares, etc.) while liabilities tend to relate to negative values ​​(for example the amount of the loan still to be paid) and possibly debts.

Assets include real estate (the main residence as well as the secondary residence, rental property investments and professional property) to which will be added financial investments of any type (cash, financial investments, insurance, etc.). This part of the asset balance sheet will help estimate the income from assets. Liabilities correspond to the sum of private and professional loans. All sums paid each month are to be taken into account.

A successful assessment

A successful review is a complete review. It must detail the mortgages, taxes, duties, salaries… Although personal, all this information is essential to obtain a real vision of the heritage. To be clearer, it is better to classify your investments in different categories: residential real estate, rental real estate, cash and assets, long-term investments, shares held in various companies. It is for this reason that it is preferable to call in a professional.

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Once the heritage assessment is complete, it is important to embark on the realization of your projects as quickly as possible in order to achieve your objectives. Waiting to invest is not very advantageous because during this time, the patrimony does not progress and can even decrease. Financial management strategies will be adapted to the asset balance sheet and therefore to the current financial situation. A savings and wealth management advisor will offer personalized solutions for saving and investing based on all the information gathered. In short, the asset balance sheet is the first step in determining the future savings strategy.

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