Unclaimed Inheritance in Ontario: How to Find What You're Owed

Maybe a relative mentioned you were in their will, or you suspect a policy named you, but no one has contacted you. Estates and insurers can lose track of people, and families sometimes lose track of accounts.

The right search depends on how the money was held. This article explains the main routes in Ontario and what to do if you find, or cannot find, a trail.

Know which route the money took

Assets pass in different ways. Where a beneficiary is designated on life insurance, the insurance money does not form part of the insured's estate. Estate value for Estate Administration Tax also excludes assets with a beneficiary designation, and registered plans such as RRSPs, RRIFs and TFSAs with a designation.

Other assets go through the estate. An estate trustee collects the assets, pays taxes and debts, and distributes the residue to those entitled. So one person may need to look in two places: the insurer or plan, and the estate trustee.

Searching for estate money

If the person owned real property or assets held by a financial institution, the estate normally has to be probated through a Certificate of Appointment of Estate Trustee. Contact the person named as executor, or the family member handling affairs, and ask whether an application has been made.

If you cannot be found, a court route exists. Trust money held by trustees may be paid into court by court order, and money paid in is then subject to the court's order, which is a way to hold a share for a beneficiary who cannot be found.

Searching for insurance and plan money

Once the insurer receives sufficient evidence of the claim, it must pay the insurance money to the person entitled within thirty days. If the insurer admits liability but the whereabouts of a person entitled is unknown, there are adverse claimants, or no one can give a valid discharge, it may apply to court, after thirty days, to pay the money into court.

For RRSPs, pensions and similar plans, a participant can designate a person to receive the benefit on death. The plan administrator is discharged on paying the designated person, who may enforce payment. If you think you were named, ask the plan administrator or insurer directly.

Bank balances and scams

If certain bank products go unused for 10 years, the balance is treated as unclaimed and transferred to the Bank of Canada, after written notices at 2, 5 and 9 years. Balances under $1,000 are held for 30 years and balances of $1,000 or more for 100 years. They can be searched on the Bank of Canada's Unclaimed Properties Office website.

Be wary of heir hunters and unexpected messages. Being asked to pay a fee to release an inheritance is a warning sign of fraud.

What to do next

• List the people, banks, insurers and employers the deceased may have dealt with.
• Gather proof of who you are and your link to the deceased.
• Contact the executor or estate lawyer, and ask any insurer or plan administrator directly.
• Search the Bank of Canada Unclaimed Properties Office website.
• Never pay a fee to release funds.
• If you cannot find answers, ask a lawyer how to proceed.

Frequently asked questions