What happens if new estate assets are discovered after the estate has been distributed in Ontario?

Discovering additional assets after an estate has been distributed is not uncommon — a forgotten bank account surfaces, an insurance policy is located, or property in another jurisdiction comes to light. When this happens, the executor's administration is not necessarily over.

The executor retains the authority and obligation to deal with newly discovered assets, even after the main distribution has been made. The additional assets must be distributed according to the will (or intestacy rules, if applicable), after paying any additional taxes or expenses attributable to those assets. If the estate's probate application did not include these assets, an amended application may need to be filed.

If there are outstanding tax liabilities or creditor claims that were not satisfied from the original estate, newly discovered assets may first be used to satisfy those obligations before being distributed to beneficiaries. Beneficiaries who were already paid in full may or may not share in the additional assets depending on how the will is drafted.