Much has been written on All About Estates on the topic of missing heirs – how to find them, and what to do if you can’t.

But what happens if you have missing assets? Perhaps you’ve been appointed as an executor of an estate where you have very little information about the deceased’s assets. Or maybe you have an understanding that there’s a bank account at one of the big banks, but don’t have full details and aren’t quite sure how to proceed.

How do you practically move forward with an estate administration when you don’t know, well, what assets you’re administering?

A few hints and tips:

• Look to the Will (if there is one) for clues – does it reference specific assets? This may provide a starting point for your search.
• Search through the deceased’s paperwork. Sometimes digging through the filing cabinet will reveal bank or investment statements, vehicle registration information, or stock certificates.
• Collect the deceased’s mail. While many people now manage their affairs online, some still receive paper statements from institutions.
• Reach out to the deceased’s lawyer or accountant, as they may be able to provide some insight on the deceased’s assets, though the nature and extent of the information they may provide may be limited by their rules of professional conduct.
• The Bank of Canada has a searchable database of unclaimed accounts – BOC Unclaimed Property.
• Reach out to institutions where you suspect the deceased may have had an account. With appropriate proof of death and a copy of the deceased’s Will, most institutions will provide basic asset information to be able to apply for a Certificate of Appointment of Estate Trustee (probate). If the deceased died without a Will, you may have difficulty obtaining this information, in which case you will need to apply for probate with an undertaking, as discussed below.
• There are also services (for example, EstateSearch) that may be purchased by executors to assist in reaching out to financial institutions.
• You can apply for probate without a full picture of the deceased’s assets. You will need to provide the Court with an undertaking that you will advise of any additional assets discovered after the receipt of probate and pay any additional Estate Administration Tax owing. Once you’ve obtained probate, you may find institutions are more willing to provide you with information about assets.

Of course, executors should make sure they are obtaining appropriate legal advice through the search process and the corresponding probate application process.

Once all assets are located, you’ll need to ensure any additional Estate Administration Tax is paid on the date of death value of the assets. Depending on the nature of the asset(s), there may be additional income tax payable. The remaining value of the asset will then need to be distributed in accordance with the terms of the deceased’s Will, or, if there is no Will, to the residuary beneficiaries on intestacy.

Ultimately, finding missing or unknown assets requires diligence and hard work from an executor, and may extend the time required to administer an estate, but is ultimately a manageable hurdle. If anything, it should be another reminder of the importance of providing information that will assist your executor in administering your estate with ease.

Wishing everyone a good weekend and a happy Family Day.