ONYX Law Group
November 30th, 2024
In Canada, unclaimed inheritances refer to assets, properties, or funds left behind by deceased individuals that have not been claimed by their rightful heir or beneficiaries.
There are several reasons why inheritances may go unclaimed in Canada. Sometimes, beneficiaries may be unaware of their entitlement to unclaimed property, especially if the deceased’s will was not properly executed or updated. Other times, beneficiaries may be difficult to locate, particularly if they have moved or changed their contact information without notifying their financial institution, family members, or friends.
Several strategies can be employed by estate planners to prevent inheritances from becoming unclaimed, such as maintaining updated estate planning documents including wills and trusts, and updating beneficiary contact information. Communicating with beneficiaries regarding their potential inheritance is also important, so that at the time of your passing, they are aware that they are named as beneficiaries and can reach out to the executor first, or look into why the executor hasn’t contacted them if necessary.
To effectively communicate with your beneficiaries, it is important that you choose the right timing and that your discussion is planned, direct and transparent. Ideally, a conversation with a beneficiary regarding their inheritance should happen when the estate planning process is underway or nearing completion, but before the individual’s passing to avoid waiting until the last minute or during times of emotional distress.
There are various steps you can take to find out if you have an unclaimed inheritance in Canada so that you can claim any assets that may be rightfully yours…
As you take these steps to find unclaimed money or investment accounts, be prepared to provide proof of identity and your relationship to the deceased, such as birth certificates, wills, or death certificates. Handling unclaimed inheritances can be complex. You might need to consult with an estate lawyer to help ensure you follow the correct procedures and increase the likelihood of a successful claim. Additionally, regularly update your contact information with financial institutions and maintain open communication with family members to prevent assets from becoming unclaimed.
