Plain-English summary

Finding estate assets often requires more than one search. An executor can begin with the deceased’s available bank statements, tax records, correspondence, insurance documents and shareholding information. Those records may identify institutions, account numbers, regular payments, dividends, premiums, investment income or liabilities that require further inquiry.

Targeted inquiries may then be made with banks, superannuation funds, insurers, brokers and share registries. Searches for unclaimed money may reveal funds that have been transferred to a government-held register after remaining unclaimed.

Once the Australian Taxation Office recognises the executor or administrator as the authorised legal representative, an ATO deceased-estate data package may also be requested. As explained in the video, it may provide recent taxation, income, investment and superannuation information that helps identify previously unknown assets or liabilities. Eligibility, identity requirements and the information available should be confirmed directly with the ATO.

A systematic investigation can help an executor find missing assets without relying on a single database.

No single source will necessarily reveal everything. The executor should use a proportionate investigation plan, keep a record of searches and responses, and obtain advice if the estate is complex or information is incomplete.

Video transcript

00:00 — How can an executor find financial assets the deceased did not document?

00:06 — When someone passes away, their executor may discover that there’s no complete list of their bank accounts, investments, shares or superannuation.

00:18 — So how can those missing assets be found? The executor can review available bank statements, tax records, mail, insurance documents and shareholding information.

00:31 — Inquiries may also be made with banks, superannuation funds and share registries, together with searches for unclaimed money.

00:38 — Once the ATO recognises the executor or administrator as the authorised legal representative, an ATO deceased-estate data package may also be requested.

00:50 — The package can provide recent taxation, income, investment and superannuation information that may reveal previously unknown assets or liabilities.

01:07 — However, no single search will necessarily identify everything.

01:13 — Estate investigation should be thorough and properly documented. For assistance with probate or deceased-estate administration in South Australia, contact PA Law.

How can an executor find missing assets?

A careful review of the deceased’s records can create an initial asset-and-liability list. Useful documents may include:

• bank and credit-card statements;
• income-tax returns, notices of assessment and accountant correspondence;
• dividend statements, holding statements and broker records;
• superannuation and life-insurance documents;
• property records, rates notices and loan statements;
• mail and email from financial institutions;
• direct-debit and recurring-payment entries; and
• records of private loans, business interests or trusts.

Transactions on one account may point to another institution. For example, a regular dividend, insurance premium or investment transfer may identify an asset even when the original policy or account paperwork cannot be found.

Which organisations might need to be contacted?

The appropriate inquiries depend on the evidence found and the executor’s legal authority. Possible organisations include banks, credit unions, superannuation funds, insurers, share registries, investment platforms, accountants and financial advisers.

An institution may require a death certificate, proof of the executor’s identity and evidence of authority before releasing protected information or estate funds. In some cases, a grant of probate or letters of administration may be required. Requirements vary between institutions and according to the type and value of the asset.

Executors should avoid sending unnecessary personal information and should use the institution’s verified estate or bereavement contact channel.

How can unclaimed-money searches help?

Money may become unclaimed when an account is inactive, correspondence is returned or an institution cannot contact the owner. Relevant Australian registers may include unclaimed money from bank accounts, company shares, investments, insurance policies or state-based sources.

A matching name is not conclusive proof that the money belongs to the estate. The executor may need to establish the deceased’s identity, connection to the listed address or account, and the executor’s authority to claim it.

What is the ATO deceased-estate data package?

The data package is an additional information source; it is not a complete estate-asset search. According to the video, it may contain recent tax, income, investment and superannuation information that can provide leads for further inquiries.

The ATO must first recognise the executor or administrator as the authorised legal representative. The representative should confirm the ATO’s current recognition, evidence and request requirements, as those administrative processes can change.

Why should the investigation be documented?

An executor is responsible for identifying, collecting and administering estate property. A written search record can show which documents were reviewed, which organisations were contacted, what information was received and what follow-up action was taken.

Keeping these records demonstrates the steps taken to find missing assets and follow up possible leads.

Useful records include copies of inquiry letters, search results, telephone attendance notes, institution responses and an updated asset-and-liability schedule. Good records can assist with the probate application, estate accounts, tax work and questions from beneficiaries.

Common questions

What is the best way to find missing assets?

Start with the deceased’s available financial records, build an asset-and-liability schedule, and make targeted inquiries with the institutions identified. Then use additional searches to find missing assets that the documents do not reveal.

Will one database reveal every asset?

No. Financial information is held by different institutions, and some assets may not appear in public or government databases. Several searches and inquiries may be needed.

Can an executor ask a bank for information?

An executor can make an inquiry, but the bank will require evidence and may limit what it releases until its authority requirements are satisfied.

Does superannuation automatically form part of the estate?

Not necessarily. The fund trustee, any valid death-benefit nomination, the fund rules and superannuation law may affect how a death benefit is paid. Superannuation should be investigated separately from assets held personally by the deceased.

When should an executor obtain legal assistance?

Legal assistance may be useful where assets are difficult to identify, a grant is required, institutions disagree about authority, the estate includes business or trust interests, or beneficiaries raise concerns about the investigation.

Need help administering a deceased estate?

PA Law can assist executors and administrators with probate, asset inquiries and the practical steps involved in administering a deceased estate in South Australia.

Contact PA Law
Probate and estate-administration services