Hidden Assets of a Deceased Individual: What Executors Should Know

When someone passes away, not all of their assets may be immediately visible to family or the estate executor. Hidden assets can take many forms—from traditional valuables tucked away at home to modern digital currencies. Properly identifying and securing these assets is a critical step in settling an estate and ensuring beneficiaries receive their due inheritance. Below is a detailed overview of the types of hidden assets you may encounter and practical suggestions for finding and accessing them.

Common Types of Hidden Assets

1. Cryptocurrency and Digital Assets

• Forms: Bitcoin, Ethereum, NFTs, and currencies stored on exchanges or in “hot” (software-based), “cold” (hardware devices), or even paper wallets.
• Access Challenges: These assets are commonly password-protected and may require a “seed phrase” or other credentials to access. If details are not documented, it can be nearly impossible to recover them.
• Where to Look: Examine computers, external hard drives, USB sticks, printed documents, emails, and search for apps, exchange accounts (like Coinbase or Gemini), or mentions in electronic correspondence.

2. Online Payment System Balances

• Forms: PayPal, Venmo, Apple Pay, e-wallets, and even balances in ecommerce and financial platforms.
• Access Challenges: Often require login credentials and may have two-factor authentication tied to a device or email.
• How to Proceed: Look for passwords in a password manager or written down by the deceased. If credentials are unavailable, contact the payment provider directly with legal documentation (e.g., death certificate, proof of executorship).

3. Cash Hidden at Home

• Common Locations: Safes, mattresses, under floorboards, behind paintings, in the attic, freezer, pantry cans, garden, books, and other creative or unlikely locations.
• Search Tips: Do a thorough physical search, especially in places where valuables could be stashed. Sometimes, large amounts of cash can be hidden in small denominations or unconventional spots.

4. Coin and Currency Collections

• Identification: These can be valuable and are often stored in coin albums, boxes, folders, bags, or even in random containers.
• How to Handle: Organize and inventory what you find. Research or consult a professional about valuation—do not sell or distribute until their worth is verified.

5. Other Overlooked Assets

• Examples: Old bank or brokerage accounts (possibly at closed or merged institutions), insurance policies, unclaimed pension benefits, real estate, safe deposit boxes, and stocks.
• How to Find: Review mail, tax returns, online statements, public records, and contact known confidants (accountants, financial advisors, employers).

Suggestions for Executors: Discovering Hidden Assets

• Search Personal Effects: Methodically go through the deceased’s paperwork, safe deposit boxes, and electronic devices. Look for any account statements, emails, or lists of assets/passwords.
• Forward Mail: By forwarding the deceased's mail, you may receive statements and alerts from previously unknown asset sources.
• Access Digital Devices: Check computers, tablets, and smartphones for installed apps, emailed statements, browser bookmarks, and digital wallets.
• Contact Services and Institutions: Reach out directly to banks, payment systems, and crypto exchanges when you suspect assets might exist, presenting your official documents as executor.
• Review Tax Returns and Financial Records: These can reveal interest income or dividends indicative of accounts, as well as insurance and pension payments.
• Engage Confidants: Speak to accountants, lawyers, and close associates. They might know of assets not documented elsewhere.
• Hire Search Services: If you have exhausted your options, asset search services (sometimes with a fee) can search for unclaimed financial accounts or overlooked real estate holdings.
• Preserve Evidence: Whenever you find a cache (esp. cash, coins, or valuables), inventory it with a witness and provide a signed record for estate files.

Important Legal and Practical Tips

• Documentation: Maintain meticulous records of all assets found, their location, and any communications with institutions or professionals. This is crucial for transparency with beneficiaries and required by Canadian estate law.
• Stay Alert for Scams: Especially in the cryptocurrency space, avoid sharing seed phrases, passwords, or any sensitive information with unknown individuals or online contacts.
• Do Not Rush to Sell: Particularly for coin collections or rare items, consult appraisers before taking action; hasty liquidation can reduce value.

By combining careful physical searches, good record-keeping, reaching out to confidants, and leveraging both traditional and digital investigative methods, executors can maximize the recovery of a deceased individual’s hidden assets for the benefit of the estate and its rightful heirs.