Explore risk & best practice for Estate Practitioners in relation to unclaimed assets. Research suggests that there is likely to be between $5 to $6 billion in unclaimed assets across Canada. 

These include Savings, chequing, and other deposit accounts where there has been no activity for ten years or more.  This estimate also includes trust funds, life Insurance and other annuities, bonds or dividends from stocks and shares, and forgotten pensions and savings plans.

One of the many duties of the estate lawyer, particularly when acting as Executor, is to identify and collect all the assets of the estate.  In our modern digital era, this now also includes assets that are held online, such as cryptocurrency, online casino accounts, and online marketplaces such as Etsy and eBay. Estate lawyers are also required to confirm and settle any debts and liabilities, file appropriate tax returns on behalf of the deceased and the estate, and distribute assets to beneficiaries in accordance with the Will if one exists.  This means accurate estate valuation is essential.

The Canada’s Missing Billions knowledge session has been developed specifically for estate lawyers and explores how this money has accumulated and why it is going unclaimed.  We discuss how these unclaimed assets are managed by different government agencies and organizations and the different legislations across the provinces.  We also highlight the legal, financial, and professional risk Estate lawyers face if they fail to find all the assets in a deceased estate.

Using case study examples, we also look at how modern technology can now reduce administrative effort and greater efficiency in identifying assets and liabilities to mitigate risk.

Ron Badr - Estatesearch Canada