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How do you obtain an EIN number for your Estate?

What is an EIN number?

An EIN number is a nine-digit number assigned by the IRS, typically to business entities (e.g. corporation). However, an EIN number can also be assigned to an Estate or a Trust.

During a probate, one must typically take the EIN number for an Estate to a bank to open an Estate account for the deceased, as the deceased's account at the time he/she was alive, is no longer functional after death. For a Trust, one must obtain an EIN number for the Trust after the Trustor's death, because the Trust becomes a separate entity from the Trustor once the former dies, and the Trust requires its own unique identification number.

How do you obtain an EIN number?

One can obtain an EIN number by filing an application called the SS-4 with the IRS. If the deceased had a social security from the United States, the SS-4 can be filed via the online application. However, if the deceased died in a foreign country and did not have a social security number in the United States, one must file the SS-4 via fax or by mail to the IRS. One can obtain an EIN number quickly via the online application, but it takes more time to obtain the EIN number by fax or mail.

Conclusion

It is good to know that an EIN number does not only serve business entities, but also plays an important role when administering an estate or trust.

Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

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