Hey guys, father recently passed away and left me his ledger. I have full access to this and hold the seed phrase etc. I already have possession of everything and we are starting to go through probate. My understanding is because I have possession of the wallet and seed phrase, there is nothing left to do to “transfer” it to myself. He has no online accounts that hold bitcoin, it’s just the wallet.
So my question: Is there anything linking his ownership to the bitcoin and the ledger that would mean solicitors need to get involved? Couldn’t exactly find a concrete answer for this and the executor of the will seems to think it works like a bank account which is tied to identity. From my understanding the only way you could tie his identity to the wallet is a purchase receipt at a stretch. Any help is much appreciated!
I am based in Australia if that makes any difference.
Thanks guys!
Edit: He had in his original will (2020) that all bitcoin in his Swyftx account to go to me. He didn’t update that before he died but last year he transferred it all into the ledger and gave me all the details. My aunty (the executor) wants to put it all through properly so wants details on it for the solicitor. Solicitor doesnt seem to be up to date with how bitcoin works…
Father passed away and left me his ledger.
byu/ChippyOfOz inBitcoin
Posted by ChippyOfOz
11 Comments
Sorry for your loss mate – from legal perspective in Australia the bitcoin is still part of his estate even if you have physical access, probate laws don’t really care about the technology behind it
What bitcoin? Nah didn’t find anything, ledger was empty. Simple, sorry for your loss, don’t blow it like I did. Learn and keep safe.
Check the amount and get a paper sayng you inherited it.
The coins seem to be ”self costidy” coins but there could be (other) coins sitting on an exchange. Any proof where your father got the coins from (and the money he bought the coins for(if he bought them)) could be valuable in the future.
Basically you have to settle the probate I would assume. But if there’s no ties to it in probate, no knowledge about it, I would wait until probate is completed before doing anything. Then later do whatever.
There’s nothing *technical* linking ownership to him if you have the seed phrase.
That’s also why it’s *vital* not to share those words with *anyone*, *ever*.
They should also not be stored *digitally* in any way – whoever has those words can move the funds if they wish, whether they were acquired legitimately or stumbled across by hackers or malware.
The only *potential* issues I can imagine are likely to be *tax*-related.
Not sure of the rules down-under, but I suspect there’ll be either CGT or inheritance tax to pay.
Condolences, and RIP to your dad. Having that wallet and seed effectively transfers ownership to whomever is holding that wallet and seed phrase. Think of it like a bar of gold that’s been sitting in dad’s closet for a few years before he passed. It’s essentially not there in terms of any prying eyes. Disappearo, so to speak. That said, all of dad’s belongings are a his estate whether any Govt entity knows about them or not, and the law is the law.
Were this my dilemma, I would have strong recollection of a boating accident where my dad said he’d lost some valuable gizmo, years ago. Reality is, it doesn’t exist unless you tell “them” it does. But of course, I could never in good conscience suggest anyone break, or skirt the law. Makes me contemplate what a shame it would be if the ledger/seed phrase were stolen… you’d never get it back and there’s a 99.99999% chance you’d ever even know about it’s existence. (unless dad told you)
Did your dad declare anywhere to the government that he owned BTC? If not then say nothing and do nothing. Governments are corrupt. They enrich themselves and their friends. So keep what is yours.
Post the death in the paper. People have a timeline to respond. Don’t tell anyone
Do not respond to dm’s.
My condolences brother. Sounds like he was a great dad.
Look up bitcoin boat accident.