Re: FBAR Reportable Or Not?
 

That certainly applies if you were named in the will as either an executor or coexecutor, and would be reportable on an FBAR relating to a UK (foreign) estate.

Wishing you the best results with how you decide to proceed on the matter, and let us know if you do find out more. Most interesting.

Re: FBAR Reportable Or Not?
 

+1

Thanks for this thread and good luck going forward

Re: FBAR Reportable Or Not?
 

Oh, and while some of you are sorting out their 2017 year end FBAR, note that despite the form being the same 'version' with the same 'effective from' date, the form is different to previous years - they've added an 'entity' check box on the joint accounts. The electronic submission will spit any old version back at you (which is a pity if your accounts haven't changed from last year)!


Although generally simple to complete, there are annoying oddities, like with the addresses where 'United Kingdom' becomes 'GB' (which we all know is incorrect since it should be GB+NI), and of course the USofA appears at the top of the alphabetical list of countries... .

Re: FBAR Reportable Or Not?
 

Thanks, I did notice some changes. I opened up my pdf copy from last year and had to flip between the 2 screens doing copy and paste of institution names, addresses, account numbers etc. Still not a big job but harder than it might be.

Re: FBAR Reportable Or Not?
 

I did the same and it was very straightforward.

At least they gave us a warning up front that previous versions could not be used.

Re: FBAR Reportable Or Not?
 

Hi Everyone,

Back again with an update on some more info I have received.

Got some more advice and the answer was no. The reason given was, because a foreign estate is considered a foreign entity, you do not have to report any foreign entity account(s) unless you have an interest in more than 50% of the assets, which I definitely did not.

I have read over the instructions for the FBAR and it does indeed seem to be saying this. Did a bit more reading and apparently the IRS does consider a deceased persons estate to be an entity, so......looks like I could be off the hook for the FBAR filing.

Re: FBAR Reportable Or Not?
 

Good feedback, thanks. It confirms that we did not break the law when we received our legacies when our parents died. In each case they died towards the end of a year and we did not receive any money until the following year when the estate was settled. In both cases the proceeds were divided equally among 4 children. We didn't file FBAR's until the funds arrived in our UK bank.