As stated above, some people use a Personal Financial Statement just for their own planning and organising purposes. For example, using financial statements could help you when making your Will or preparing for retirement.
Similarly, Personal Financial Statements could help you and your spouse list out all of your separate and shared property during a separation or divorce proceeding.
In other cases, people may be required to create a Personal Financial Statement when applying for mortgages and other loans. For example, if you are starting a business and require a loan, your bank may request one. In these cases, the purpose of the statement is to allow the bank or lender to see what kinds of assets you have in order to gauge your financial situation and evaluate the risk of lending to you.
Some people also use a Personal Financial Statement to disclose all their financial information when providing a guarantee. A guarantee is a written contract in which you agree to accept responsibility for the debts or obligations of a borrower.