Estate Administration: What Are Estate Assets?
- Erin Watson, JD
- Apr 2
- 4 min read

When someone passes away, their estate must be administered in accordance with Ontario law. One of the most crucial steps in estate administration is identifying and managing estate assets. Understanding what constitutes an estate asset and how to locate them is essential for fulfilling an executor’s responsibilities effectively.
Generally, estate assets in Ontario include:
Solely owned bank accounts – Bank accounts held only in the deceased’s name (not joint accounts).
Investments – Stocks, bonds, GICs, mutual funds, and other non-registered investments that do not have a designated beneficiary.
Real Estate – Property that is solely owned by the deceased or held as tenants-in-common.
Personal Property and Effects – Vehicles, jewelry, art, and other valuable personal property and household contents owned solely by the deceased.
Business Interests – Ownership in a sole proprietorship or shares in a private company.
Life Insurance and Registered Accounts (RRSPs, TFSAs, RRIFs) – Applicable where the estate is named as the beneficiary, or no beneficiary is designated at a financial institution or in the Will.
Some assets do not form part of the estate and typically pass directly to joint owners or beneficiaries. Non-estate assets generally include:
Jointly owned property such as jointly held real estate and joint bank accounts with a right of survivorship to a spouse.
Registered accounts (RRSPs, TFSAs, RRIFs) with named beneficiaries.
Assets held in trust.
Understanding the difference between estate and non-estate assets is key for executors, as estate assets may be subject to Estate Administration Tax, commonly referred to as probate fees (you can learn more about probate in our recent article).
If an estate is complex, an estate lawyer can help assess assets, as what is considered an estate asset can be misunderstood or even challenged.
Locating Estate Assets
For many executors, one of the most challenging aspects of estate administration is determining what the deceased owned at the time of death. Executors must be thorough in their search to ensure all estate assets are properly identified. Here are some key steps that can be taken to locate assets:

A Will, if available, may provide an overview of significant assets, but it may not contain a complete list.
Bank statements and other financial records can offer insights as well.
Keep in mind that many people have online bank accounts and investment portfolios which may not have physical documentation. Executors may need to review email accounts and digital records that may contain information on online financial holdings.
Canada Revenue Agency can help locate records such as tax returns and notices of assessment that may identify registered investments, rental properties, and potential other assets.
Executors can contact financial institutions where the deceased held accounts to gain further information. It is also advisable to check for safety deposit boxes, as these may contain important documents, valuables, or financial records.
Real estate holdings can be verified through Ontario’s Land Registry system, which provides information on property ownership and mortgages.
If the deceased owned a business, corporate records and shareholder agreements should also be reviewed to determine the extent of ownership, succession provisions, and whether a buy-sell agreement applies.
The Bank of Canada also maintains records of unclaimed bank balances from federally regulated banks.
Executors should take a methodical approach when locating assets as missing assets can lead to delays, disputes, or unintended distributions. If there are uncertainties or difficulties in identifying all estate assets, seeking legal or financial guidance can help ensure that no assets are overlooked.
For those planning ahead, E is For Estates has developed a helpful form that everyone should complete and keep in a safe place so that their executor can easily identify and find assets.
Asset Management
Once the estate assets have been identified, the executor must manage them in accordance with the Will, and if there is no Will, in accordance with Ontario’s intestacy laws. This includes ensuring that assets are protected, valued, and distributed appropriately.
Before beneficiaries receive their inheritances, the executor must settle the deceased’s outstanding debts and liabilities. This includes income taxes, loans, and funeral expenses. Failing to properly address debts before distributing the estate could result in personal liability for the executor.
If probate is required, the executor must apply for a Certificate of Appointment of Estate Trustee through the Ontario Superior Court of Justice. This court-issued certificate provides the legal authority to transfer or sell assets.
Once any necessary approvals such as probate are obtained, and debts including income taxes are filed and paid the executor can then distribute the remaining assets according to the Will or Ontario’s intestacy laws.
Identifying and administering estate assets is one of the most fundamental responsibilities of an executor. A clear understanding of what constitutes an estate asset, how to locate them, and the probate implications involved can make estate administration a smoother and more efficient process.
At E is for Estates, we can help executors and beneficiaries understand their responsibilities, avoid common pitfalls, and ensure that the estate is managed in accordance with Ontario law.
This article is intended for informational purposes only. For personalized advice tailored to your specific circumstance, please reach out to the E is for Estates team.
Erin L. Watson, B.A., JD
Lawyer & Notary Public
E is for Estates
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