chriso 🇺🇸🥩🇦🇺🦘 on Nostr: Hey “Dad,” this is a great plan from a safety of Bitcoin standpoint, but you have ...

Hey “Dad,” this is a great plan from a safety of Bitcoin standpoint, but you have an error or two in your document regarding taxes and probate. If you die, your cost basis no longer has any bearing. Your ₿itcoin basis becomes the value at your death. That is what will be important moving forward in your absence. While I’m not a lawyer, I think your idea of probate is also wrong. If assets are not held in joint title or have been listed in accounts that have a “Pay on Death “ or “Transfer on Death” clause, typically it will have go through probate. So the lawyer holding a key may not be the best plan. If he knows about and is being used for legal counsel over your estate, he’ll be required to advise your executor to name it in the probate. It will also get triggered for probate if it’s in your will.

You probably should remove the lawyer from the equation if you want to keep your ₿itcoin out of the probate process. One last thing to consider. Your Will becomes public record after death and is probated. Which means you’re putting your family at risk.

Just a couple of ideas to consider for revision. Thanks for sharing. Thai will spur thoughts and discussions amongst us all I’m sure.