What bank accounts did the deceased have?
Did they have life insurance policies? What about retirement or tax free savings accounts or any other investments? Who is their internet and utility provider? Did they have any credit cards, loans or debts? Learn how the Missingwealth Profile can help provide peace of mind knowing that assets and liabilities are uncovered for the estate.
Why you need a financial profile
Executors not uncovering all assets
Inactive bank accounts must be turned over to the Bank of Canada (BoC) after 10 years of inactivity. Many estates are wrapped up within this time causing accounts to be missed. In 2008, the BoC held $350 million which grew 52% over 5 years to $532 million in 2013. By 2022, the balance with the BoC had ballooned by more than 100% to $1.1 billion.
Provincial unclaimed property registries
In addition to balances held by the Bank of Canada, Alberta, British Columbia, Quebec, and New Brunswick have their own unclaimed property registries that have grown significantly and now have a collective balance of more than $750 million.
Unclaimed RRSP, pensions, life insurance
There are many financial assets that are not currently captured by the BoC or provincial unclaimed property mandates including pensions, life insurance policies, and stocks. Ontario alone is sitting on $3 billion in unclaimed pensions.
What is the Missingwealth Profile
We contact over a hundred financial institutions including banks, stock brokers and transfer agents, pension providers, life insurance companies, and government unclaimed property registries. We round out the profile with data from an Equifax credit report including other names and addresses the deceased may have gone by, a listing of former employers and a comprehensive view of liabilities including revolving credit, mortgages, installment payments, open loans, and any records of bankruptcy or collections. An initial report is delivered within 5 business days and a final report is sent after 30 business days which includes responses from financial institutions.
Banks
Credit Unions
Stocks
Pensions
Life Insurance
Alternate Names
Alternate Addresses
Past Employers
Revolving Credit
Mortgages
Installment Payments
Open Loans
Bankruptcies
Collections
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Sample Missingwealth Profile
Fill out the form to get a sample report of what to expect with the Missingwealth Profile. If you’re already working with an estate lawyer, we’d be happy to discuss with them how using the Missingwealth Profile can help with estate administration.