Finding Canada’s Missing Billions: Asset Discovery and Due Diligence for Wills & Estate Lawyers

This presentation examines why billions of dollars in Canadian assets remain unclaimed and the risks estate practitioners face when estate assets or liabilities are missed. It covers dormant bank accounts, trusts, insurance proceeds, securities, pensions, savings plans and digital assets, together with the federal and provincial agencies, legislation and programs that govern unclaimed property. The discussion connects asset discovery to the executor’s duties to identify and collect assets, settle liabilities, file tax returns and distribute the estate, and identifies potential consequences including breach of fiduciary duty, negligence claims, financial penalties and reputational damage. Practical guidance addresses asset and liability searches, documented due diligence, firm policies, and updated Terms and Conditions or client care letters, while considering how technology can reduce administrative effort and support more complete estate administration.