classicmds

Anyone have advice about setting up a power of attorney to be administered by a relative in the US (i.e. me) on behalf of family members (i.e. parents) based in UK? Any complications to look for?

Mercury39

I am the lasting power of attorney for both property/financial affairs and for health and welfare for my parents. No issues with me being in the US. The UK Office of Public Guardian sent the confirmation letters of the completed registration to my address in the US. The details on the gov.uk page also says "You do not need to live in the UK or be a British citizen."

Cook_County

You'd simply report all their accounts on your FBAR each year, which is an extra few minutes of paperwork.

robin1234

Under certain circumstances you would, yes. If you want this post to be helpful, you should elaborate.

Mercury39

Agree, if others know more on the circumstances this applies, please share! For example does this also mean need to include these accounts on tax form 8938?

MidAtlantic

With signature authority over financial accounts, those accounts should be included in the FBAR if the qualifying limit, including accounts in your own name, is reached. Yes, it would apply to form 8938 also, again if the qualifying limit is reached.

Cook_County

Financial accounts outside the US where a US person only has signature authority but not beneficial ownership are reported on an FBAR, but not on Form 8938.

MidAtlantic

Thanks for the correction.