It may come as a surprise, but Estates do file FBARs if they meet certain requirements. And failure to file a required FBAR has serious penalty ramifications. Generally, FBARs apply to U.S. Persons. But a “U.S. Person” includes a citizen, resident, corporation, partnership, LLC, trusts and “estates”. An Executor is charged with filing a Decedent’s final tax return, which may include filing an FBAR or an IRS form 8938, Statement of Specified Foreign Financial Assets. In North Carolina, financial accounts in the Decedent’s name at death transfer to the Decedent’s Estate. Because of this, the Estate may now have a foreign financial account that must be disclosed under the FBAR rules. This scenario may also apply heirs who inherit a Decedent’s foreign financial account – they too may then have their own FBAR reporting obligations. The thing to remember is that a person’s FBAR requirement does not expire because that person passed away. There may be situations where the Estate or an heir — in effect — inheritd an FBAR obligation.