Complicated situation regarding inheritance law and crypto

[WeThePe0ple]

What happens when you are the heir of a Binance account holder who died recently? Imagine that the person who died had 200k worth of tokens on the day of passing away.

It says on Binance that the crypto assets can be retrieved when you can prove that you are the heir, and you have the correct documents.
But which documents are these exactly? One should avoid that documents are missing and the funds are lost. I don't know if that can ever happen.

Does Binance deposit the actual tokens into a crypto account of the heir(s)? Or are the tokens converted to cash, and the cash is paid to the heirs?
I can imagine that most heirs don't have crypto accounts.

Also, what happens when the account holder who passed away still has to file their tax return of trades (taxable, but no taxes paid) that were made just prior to passing away?
This now becomes the responsibility of the person who inherits the tokens?

[NotFuzzyWarm]

Actually, depending on what country is involved, the laws should be no different than dealing with inherited stocks, bonds, real estate, bank accounts, etc. Documents typically include a copy of the will, family birth/death records and such.

[HeRetiK]

Same for taxes, depending on the country involved the value of the tokens at the point of inheritance usually becomes the new cost basis, though some countries charge an inheritance tax.

[zasad@]

What happens when you are the heir of a Binance account holder who died recently? Imagine that the person who died had 200k worth of tokens on the day of passing away.

It says on Binance that the crypto assets can be retrieved when you can prove that you are the heir, and you have the correct documents.
But which documents are these exactly? One should avoid that documents are missing and the funds are lost. I don't know if that can ever happen.

Does Binance deposit the actual tokens into a crypto account of the heir(s)? Or are the tokens converted to cash, and the cash is paid to the heirs?
I can imagine that most heirs don't have crypto accounts.

Also, what happens when the account holder who passed away still has to file their tax return of trades (taxable, but no taxes paid) that were made just prior to passing away?
This now becomes the responsibility of the person who inherits the tokens?

I am not familiar with the laws of your country, but according to general rules, the death of a person nullifies all contracts and obligations. If the deceased person has debts, they will be collected from the heirs who receive the inheritance.
You need to visit a notary or a lawyer specializing in inheritance matters, and they will explain the entire procedure to you.

[yhiaali3]

There are some instructions on Binance regarding the required documents via the following link:

                                                     Required Documents
1. A selfie video stating the preferred method of transfer of the deceased user’s assets.

2. A digital copy of the death certificate in PDF format or a corner-to-corner photo.

3. A digital copy of valid government-issued ID or passport belonging to the person in the above video in PDF format or a corner-to-corner photo.
 
4. A digital copy of the last will and testament and/or probate documents (i.e. Probate, Letters Testamentary, Letters of Administration, Affidavit for Collection or Small Estate Affidavit) in PDF format or a corner-to-corner photo.

https://support.binance.us/en/articles/10395308-collecting-funds-from-a-deceased-user-s-account

But the most important question is who is entitled to inherit from the deceased's Binance account? I mean, if the deceased had a wife and children, they all have a share in the inheritance. But who is entitled to inherit the Binance account?

[Free Market Capitalist]

There are some instructions on Binance regarding the required documents via the following link:

But checking what the Binance website says, or consulting Binance support, isn't very smart, you know. The smartest thing to do is ask in this forum (note the sarcasm).

As you have already been told, OP, with regard to inheritance and taxation, you will be governed by the laws of your country. But normally, once you have proven that you are the heir to Binance, you can do whatever you want with the funds. Regarding point 1 mentioned by yhiaali3, I don't think it's mandatory for you to transfer the assets. Normally, you can leave them there if you want, make exchanges, or whatever you want, because from that moment on, you are the owner.

[Lucius]

~snip~
But the most important question is who is entitled to inherit from the deceased's Binance account? I mean, if the deceased had a wife and children, they all have a share in the inheritance. But who is entitled to inherit the Binance account?

Unless the deceased indicated otherwise in his will, all of his property should go to his wife, who is the first legal heir, especially if the children are still minors. Of course, if the deceased explicitly wrote that he was leaving his CEX account to someone personally, then the matter is completely clear.

However, sometimes, even in the case of a clearly written will, some people file objections because they do not agree with it, which in some cases can even result in the will being declared invalid (forged). There is nothing people aren't willing to do for money, even within the family.

[Z-tight]

But the most important question is who is entitled to inherit from the deceased's Binance account? I mean, if the deceased had a wife and children, they all have a share in the inheritance. But who is entitled to inherit the Binance account?

I believe that is where the persons will comes into play, which would contain in it how the assets should be distributed and who should get what. To lay claim, you also need to submit documents that show you have legal rights to claim the asset. So i believe with all the documents that is required, only the legally recognized heir can present them to Binance, and lay claim to a deceased account holder's assets.

[zasad@]

~snip~
But the most important question is who is entitled to inherit from the deceased's Binance account? I mean, if the deceased had a wife and children, they all have a share in the inheritance. But who is entitled to inherit the Binance account?

Unless the deceased indicated otherwise in his will, all of his property should go to his wife, who is the first legal heir, especially if the children are still minors. Of course, if the deceased explicitly wrote that he was leaving his CEX account to someone personally, then the matter is completely clear.

However, sometimes, even in the case of a clearly written will, some people file objections because they do not agree with it, which in some cases can even result in the will being declared invalid (forged). There is nothing people aren't willing to do for money, even within the family.

How different are the laws in countries on inheritance In my country, inheritance is divided equally between the spouse, parents and children. If there is no marriage contract, then the wife will immediately own 50% of the common property after the death of the spouse, and the remaining 50% will be divided between the people from the second sentence.

[yhiaali3]

How different are the laws in countries on inheritance In my country, inheritance is divided equally between the spouse, parents and children. If there is no marriage contract, then the wife will immediately own 50% of the common property after the death of the spouse, and the remaining 50% will be divided between the people from the second sentence.

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

[Fiatless]

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

In my country the legally married wife gets everything especially if the children are minors. If the married is not recognised by law, she gets nothing. Extended families might benefit if they are included in the will. Including a next of kin in Binance documentation is important to avoid disagreements. A legal practitioner will give better advice regarding documents that should be presented by the claimant and the tax-related issues.   

[zasad@]

How different are the laws in countries on inheritance In my country, inheritance is divided equally between the spouse, parents and children. If there is no marriage contract, then the wife will immediately own 50% of the common property after the death of the spouse, and the remaining 50% will be divided between the people from the second sentence.

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

I studied Sharia law.
Surah An-Nisa (4:11)
It is written here that each parent is entitled to 1/6 of the inheritance, and 1 wife is entitled to 1/8 of the inheritance. So each parent gets more than the wife.
In Summary In Russia, the same first-order heirs are as in Sharia law. But there is one serious disagreement. In Sharia law, the debts of the deceased are paid first, and then the inheritance.
In my country, the heirs will first receive the inheritance after 6 months, and then the creditors will receive their share from the heirs through the court.

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

In my country the legally married wife gets everything especially if the children are minors. If the married is not recognised by law, she gets nothing. Extended families might benefit if they are included in the will. Including a next of kin in Binance documentation is important to avoid disagreements. A legal practitioner will give better advice regarding documents that should be presented by the claimant and the tax-related issues.  

Is the law equivalent? If the wife dies, does the husband get all the property if there is no will?
In your country, is risky to be married

[yhiaali3]

How different are the laws in countries on inheritance In my country, inheritance is divided equally between the spouse, parents and children. If there is no marriage contract, then the wife will immediately own 50% of the common property after the death of the spouse, and the remaining 50% will be divided between the people from the second sentence.

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

I studied Sharia law.
Surah An-Nisa (4:11)
It is written here that each parent is entitled to 1/6 of the inheritance, and 1 wife is entitled to 1/8 of the inheritance. So each parent gets more than the wife.
In Summary In Russia, the same first-order heirs are as in Sharia law. But there is one serious disagreement. In Sharia law, the debts of the deceased are paid first, and then the inheritance.
In my country, the heirs will first receive the inheritance after 6 months, and then the creditors will receive their share from the heirs through the court.

Amazing, I'm honestly surprised that you studied Islamic law.

Indeed, Surah An-Nisa (4:11) is the primary source of inheritance laws according to Islamic law, but it's not the only source. There are other cases that are derived from the Prophet's hadiths or through ijtihad.

It's great to learn about other cultures and religions, as you can see, since inheritance laws vary greatly from one country to another.

[zasad@]

How different are the laws in countries on inheritance In my country, inheritance is divided equally between the spouse, parents and children. If there is no marriage contract, then the wife will immediately own 50% of the common property after the death of the spouse, and the remaining 50% will be divided between the people from the second sentence.

Oh, this is completely different in my country and in Islamic countries, where the wife receives only 1/8 of the inheritance, and the rest is divided among the children.

Obviously, there are significant differences in inheritance laws depending on the country. Therefore, to avoid problems, it is best (as @Lucius mentioned) for the account owner to appoint a legal heir on Binance, to avoid disputes among the heirs over the deceased's account.

I studied Sharia law.
Surah An-Nisa (4:11)
It is written here that each parent is entitled to 1/6 of the inheritance, and 1 wife is entitled to 1/8 of the inheritance. So each parent gets more than the wife.
In Summary In Russia, the same first-order heirs are as in Sharia law. But there is one serious disagreement. In Sharia law, the debts of the deceased are paid first, and then the inheritance.
In my country, the heirs will first receive the inheritance after 6 months, and then the creditors will receive their share from the heirs through the court.

Amazing, I'm honestly surprised that you studied Islamic law.

Indeed, Surah An-Nisa (4:11) is the primary source of inheritance laws according to Islamic law, but it's not the only source. There are other cases that are derived from the Prophet's hadiths or through ijtihad.

It's great to learn about other cultures and religions, as you can see, since inheritance laws vary greatly from one country to another.

What's surprising about that? I've traveled to different countries and studied local laws.

As far as I know, if the Koran says that parents have a share of the inheritance that they are entitled to after the death of their children, then no one can deprive them of this right?

[yhiaali3]

As far as I know, if the Koran says that parents have a share of the inheritance that they are entitled to after the death of their children, then no one can deprive them of this right?

No, No one has the right to prevent parents from their share of the inheritance they are entitled to after the death of their children.

If a man dies leaving behind two parents, a wife, and children, the father and mother each receive 1/6 of the inheritance, the wife receives 1/8, and the remainder is distributed among the children.