If my mother had a Trust and just passed away, whywould the bank tell us to get an EIN for the Trust and one for the Estate?

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If my mother had a Trust and just passed away, whywould the bank tell us to get an EIN for the Trust and one for the Estate?

Asked on March 18, 2012 under Estate Planning, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I have no idea why a bank representative would advise you to get a whole new EIN for an existing trust after your mother passed away with respect for the trust presently in effect unless under her trust there is a provision for some new trust to be created under it. If so, the new trust will need to have its own EIN for tax purposes.

I suggest that you consult with a Wills and trust attorney about the terms of your mother's trust in effect when she passed.


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