Snippet

Hi all,

I was wondering if anyone might have any answers to this question.

My mother, a UK citizen/ resident passed away last year and I was named as an executor in her will. I have since renounced the right to act, (I signed the form about a month after she died), and have not had any dealings whatsoever with her estate. However, I am unsure if I should report her accounts for FBAR purposes. As per UK law, I could not have any involvement in her estate or put myself forward as an executor in any way in order to be able to renounce, but am wondering if just being given the right to act is all it takes to have a reporting requirement?

Her estate requires probate, so obviously that will not be given to me but to the remaining executor. However it is my understanding that quite often financial institutions will release funds/ give access to accounts prior to probate being granted. This has got me thinking that if that could be the case then would I need to report anything, as would I be deemed to have authority over/ access to her accounts by just being given the right to act? Or, would I have had to take the step to actually contact the bank /building society etc, and have needed to actually sign something? Or would they need to have me in their records somehow as an executor for the reporting requirement to be triggered? Again, I never had any intention of taking on this role, and have not acted in any such way at all.

Any thoughts on this would be welcome. Thanks.

Nutmegger

The assets are the property of the estate, not you or any other executor. Those who receive an eventual distribution from the estate should at that time receive a U.K. tax form from the executor stating their share of taxes accrued during the administration period.

Snippet

Hi,

Thanks for the reply. Yes, I do understand about the assets belonging to the estate. However my concern is, if there could have been any access to any funds prior to probate, am I then deemed to have signatory or other authority over the accounts by simply being named as an executor in the will? Even though I chose not to act. This is the part I am unsure about.

Cook_County

The estate will be reported by you on your own Form 8938. Distributions over $100,000 will be reported by you on Form 3520. I see no harm in reporting financial accounts on an FBAR given that you had signatory authority until you resigned as Executor.