What happens if a person passes away but his loved ones do not know what assets he has?

Losing a cherished family member or friend is undoubtedly a difficult time, and the aftermath can be even more challenging if their assets are a mystery. What unfolds when a person passes away, leaving their loved ones unaware of the extent of their assets? This situation, though daunting, is not uncommon, and understanding the steps to navigate it can provide clarity during an otherwise uncertain time.

Regardless of whether the deceased had a Will, maintaining an up-to-date Schedule of Assets (Asset List) is crucial. This comprehensive list includes the market value of assets and serves as an important document for the deceased’s loved ones to access and distribute the deceased estate. The first step is to apply for the Grant of Probate (if there’s a Will) or the Letter of Administration (if there’s no Will or no appointed executor in the Will), and the executor or administrator is required to submit the Schedule of Assets during this application process.

Unfortunately, there is no central registry that contains all information about an individual's assets. Financial institutions usually require the Letter of Administration / Grant of Probate to be obtained first before revealing any sensitive details about the deceased's holdings. Ironically, the assets' information is required to apply for the Letter of Administration / Grant of Probate to begin with. To break the stalemate, you can engage a law firm that in their professional capacity writes to the institution to formally request for asset information, but this could cost additional fees. However, this approach relies on the loved ones' awareness of the existence of these assets and the institutions holding them.

In practice, the loved ones often try to obtain the assets' information by combing through the person's living space for any personal belongings, documents, or notes that might provide information about their assets, financial accounts, or other important matters. They may also try to contact the deceased’s trusted friends, associates or financial advisors, who might know the person's affairs. Still, this method has limitations and could potentially overlook overseas assets or undisclosed debts loaned to friends and family.

Even in cases where the family members do not know of the assets’ existence, the assets remain part of the deceased's estate. Forgotten assets that are unclaimed by family members typically follow a process governed by laws and regulations to ensure that the assets are eventually handled appropriately. However, the exact procedures vary based on each institution's processes, jurisdiction, and asset type. While rightful heirs, claimants, or beneficiaries have a legal entitlement to these unclaimed assets, the possibility of assets remaining unclaimed indefinitely still exists.