Due diligence steps to assess assets and liabilities (without administering the estate) – RMS Estates Law

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Due diligence steps to assess assets and liabilities (without administering the estate)

Raluca M. Soica
January 14, 2026

A prospective estate trustee can (and often should) undertake rapid, targeted due diligence to determine whether the estate is solvent. The central risk-management principle is to gather information and preserve assets without taking actions that resemble administration (paying debts, selling/distributing property, or holding oneself out as trustee). Intermeddling (undertaking acts that are typically performed by an estate trustee) can trigger “deemed trustee” exposure and complicate the ability to renounce.

The following steps are commonly used to determine the estate’s asset/debt picture:

Review available documentation: mail, banking paperwork, tax returns, loan statements, insurance policies, keys + contracts for safe deposit boxes, property tax bills, and utility invoices can identify both assets and recurring liabilities.
Real property searches (Ontario): use Ontario’s land registration services (OnLand / Land Registry) to confirm whether the deceased owned land and to pull parcel/title documents where you have enough identifiers (address/PIN/instrument).
“Forgotten” or dormant money: search Bank of Canada Unclaimed Balances (unclaimed bank balances and certain instruments that have been transferred after long inactivity).
Credit file / credit product review (where permitted): credit reporting information can help identify credit products and outstanding accounts. Canadian credit bureaus describe processes for placing a death notice and managing credit-file updates following a death.
Mortgage and secured lending review: locate recent mortgage statements, HELOC statements, or lender correspondence in the home records to estimate amounts owing as of the date of death.
Writ of Execution search (judgment enforcement): a writ search identifies executions registered with enforcement offices that may affect property and conveyancing. Ontario’s writ framework and search mechanics are described in provincial materials and e-registration guidance.
PPSA search (non-real-estate secured interests): an Ontario PPSA search can identify registered security interests against personal property (e.g., vehicle financing or other secured obligations). Ontario provides public information on PPSA registration and search functions.
Litigation search: a civil litigation search (including concluded proceedings where records are accessible) can help identify existing claims or past enforcement activity.
Property valuation: if real property is a core asset, an appraisal can help compare estimated market value against mortgages, liens, and writs to assess net equity.
Asset and liability search services: third-party services may assist with identifying accounts and liabilities. For example, Estatesearch advertises an Ontario “Financial Profile Service” at $400 + applicable taxes (pricing and scope are service-provider specific and may change).

Access may depend on what third parties will disclose without a certificate of appointment and what documentation is available. When taking these steps, communications should accurately describe the person’s status (for example, “child of the deceased” or “interested person”) and should avoid implying that formal authority has been established, meaning not to state or suggest that they are acting as the estate trustee or administering the estate.

These searches can be straightforward in concept but complicated in practice, especially when financial institutions require proof of authority, when there are competing family dynamics, or when there is a real risk the estate is insolvent. A brief consultation with RMS Estates Law can help confirm at the outset which searches make sense, how to word inquiries without implying formal authority, and what immediate steps (if any) are appropriate to preserve assets without crossing into administration.

If you are considering whether to act as estate trustee and want a clear, practical plan to assess assets and liabilities while reducing personal risk, contact our office to arrange a confidential estates consultation.

PLEASE NOTE: The content of this blog is provided for informational purposes only and does not constitute legal advice. Reading this material does not create a solicitor-client relationship. Estate administration is fact-specific and may require advice from a qualified estates lawyer. This information has been prepared in accordance with the laws currently applicable in Ontario and may not reflect future legal developments.

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