Estate Planning: How Wealthy Families Lose Track of Assets

In a recent article on estate planning risks, Scott Binns, sheds light on a surprisingly common issue among wealthy families: losing track of assets over time. As family balance sheets grow more complex, spanning multiple entities, jurisdictions and generations, even significant holdings such as real estate, paper share certificates or digital assets can be overlooked without a clear, centralized inventory.

Binns explains that families are often confident they understand what they own, but that certainty fades when advisors begin reviewing bank accounts, investment portfolios, insurance policies, real estate and digital wallets in detail. He stresses that missing assets are frequently discovered only after a death, when recovery becomes more costly, time-consuming and emotionally difficult. His perspective anchors a broader discussion on how declining paper records, private investments and fragmented oversight are increasing the risk of forgotten wealth.

For the full article, visit the Canadian Family Offices website.