Updated 23 October 2026
Administration of Estates - Potential Problem #29: Estate with a Hidden Fortune
A forgotten investment account, unpaid dividend or overseas deposit can change the picture of a deceased estate. Finding the money is only the beginning. An executor must establish ownership, obtain lawful access, update the relevant records and determine who is entitled to receive it.
An asset unknown to the family was not necessarily deliberately concealed or obtained improperly. This guide sets out practical searches and the steps for administering later discoveries.
1. Follow the financial records
Start with a structured inventory. Review available bank statements, tax returns, investment reports, correspondence and records held by the deceased’s accountant or financial adviser. Transfers to another institution, dividend entries and interest payments can identify accounts that were missing from the family’s initial list. The Law Society of NSW’s executor guidance explains the importance of identifying both property and amounts owed to the deceased.
Look beyond savings accounts. Relevant enquiries may include share registries, brokers, managed funds, former employers, insurers and people who borrowed money from the deceased. A documented loan receivable may be an estate asset even though no cash is immediately available. Check whether it remains recoverable.
Keep a search log recording institutions contacted, documents requested, responses and unresolved questions. Preserve statements and transaction histories before closing accounts. Reconcile transfers so the same money is not counted twice, and distinguish balances at death from later earnings.
2. Search official unclaimed money registers
ASIC’s Moneysmart unclaimed money search covers certain money from bank accounts, life insurance, shares and investments. Revenue NSW’s register is separate. Search relevant former names and addresses, and consider other states where the deceased lived or conducted business.
A negative result does not establish that no asset exists. These registers do not list every active bank or investment account. Contact the relevant institution directly where records suggest an account or entitlement, even if no unclaimed money appears.
A matching name is a lead, not proof. Follow the institution’s deceased-estate claim process and provide evidence of identity, the deceased’s connection to the money and your authority. Depending on the claim, this may include a death certificate, will, grant and historical address records. Moneysmart’s ownership guidance explains the supporting documents.
3. Establish ownership and authority before accessing funds
An account associated with the deceased is not automatically available for distribution under their will. Jointly owned assets may pass by survivorship, but the ownership arrangement and any competing beneficial interest need checking. A company’s account belongs to the company; the estate may instead own shares or a debt owed by that company.
Trust assets require examination of the trust deed and the deceased’s actual interests. Superannuation death benefits also follow separate rules and do not automatically enter the estate. Moneysmart’s estate planning guidance explains why a will does not control every asset.
Use authorised information channels. The ATO’s deceased-person information process allows an appropriately authorised representative to seek tax and superannuation information. Do not log in as the deceased through their myGov account or assume that knowing a password authorises withdrawals.
4. Disclose assets found after the probate application
The correct step depends on when the discovery occurs. The Supreme Court of NSW’s probate checklist distinguishes an asset found after filing but before the grant from one found after the grant. Before the grant, an affidavit with an amended inventory is required.
After the grant, the relevant document is generally an affidavit of additional assets, UCPR Form 148. Sections 81A and 81B of the Probate and Administration Act 1898 address disclosure and restrict completing dispositions of undisclosed property. Obtain advice about the filing required before transferring or distributing the newly identified asset.
If earlier distributions have already occurred, retain the records and arrange the additional administration. Review outstanding liabilities, tax, beneficiary entitlements and estate accounts before paying out the new funds. A later discovery does not itself prove that an executor acted improperly; the enquiries made and response to the discovery matter.
5. Apply the will to the newly discovered asset
Read the whole will. A new account may fall within a gift of a particular class of assets or within the residuary estate, meaning what remains after liabilities and other gifts are dealt with. The will does not need to list every account individually to dispose of it effectively.
If no effective provision covers the asset, partial intestacy may arise. Legal Aid NSW’s distribution guidance explains the role of the residue. Finding an asset gives no automatic right to keep it, divide it equally or donate it to a preferred charity.
Illustration only: after probate, an executor receives a statement for a previously unknown investment account. The will leaves one child a fixed cash gift and the residue to two others. If the account belongs to the estate and falls into the residue, its discovery does not automatically increase the fixed gift. The executor checks the will, makes the required disclosure, addresses liabilities and accounts for the remaining funds. This is a hypothetical example, not a client matter or court decision.
Explain the discovery to affected beneficiaries once the facts are sufficiently clear. Separate the confirmed asset value from estimates and disputed claims. A written update can identify which records are still needed and why payment is not immediate. If someone claims the funds were already gifted or held for them, preserve the evidence and obtain advice before distribution.
6. Obtain local advice for overseas accounts
A NSW probate grant does not automatically satisfy a foreign bank or registry. The Supreme Court’s probate guidance notes that assets elsewhere may require a grant in the other jurisdiction, with recognition or resealing available in some places. Local advice should establish the documents and authority required before arranging a transfer.
Check any overseas will, local succession rules and tax obligations. Translations, certified documents or an apostille may be required, depending on the jurisdiction. Preserve source-of-funds records and currency information. An overseas account’s location alone does not establish wrongdoing or mean that all its funds can simply be brought to Australia and divided under the NSW will.
7. Separate inheritance from income and tax liabilities
Australia has no inheritance or estate tax. However, income earned by an investment and capital gains on a disposal may have tax consequences. Foreign taxes may also apply, so the account balance is not necessarily the amount available to beneficiaries.
Ask the estate’s tax adviser to distinguish the deceased’s pre-death affairs from income earned during administration. Newly located statements may affect outstanding returns or require consideration of earlier lodged returns. Keep an appropriate reserve while liabilities are assessed. Do not assume either that offshore money is tax-free or that discovering it automatically produces a penalty.
8. Make future asset searches easier
Maintain a private asset register listing institutions, ownership structures, adviser contacts and where supporting records are kept. Update it when accounts are opened or closed, investments change or loans are repaid. Tell your executor where to find it, without placing passwords or recovery phrases in the will.
Digital records deserve the same attention as paper statements. Our guide to digital assets in your will covers cryptocurrencies, online accounts and secure access planning. A useful register helps locate assets; properly drafted gifts, substitute beneficiaries and a residuary clause help determine the destination of estate assets.
CM Lawyers can help executors review overlooked assets, address probate disclosure and clarify distribution under the will. Explore our wills and estates services or contact Christine Manolakos and the team for advice about your circumstances.
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