The death of a loved one in Washington is a stressful event. Many financial questions may complicate the matter. This will be all the more if you have been placed in charge of a trust left by the deceased person. There are many rules and regulations that must be followed for you to oversee this duty successfully.
What is an employer identification number?
An Employer Identification Number (EIN) may be necessary to procure before you can proceed to your various duties of estate administration. This will be the federal tax ID number that you must use when you file your state and federal taxes. If the grantor has not already acquired this number, it will be up to you to do so.
You must produce several pieces of information to establish yourself as the person who runs the trust. This will begin with your name and personal information. From there, you will need to provide your social security number. You will also provide all of the information related to the trust that the state will request.
Will you always need an EIN?
An EIN is almost always required to establish yourself as the manager of an estate. There are some types of revocable trusts where you can get away without using one. However, even in this case, using an EIN will enhance your convenience in every area.
An EIN number is definitely required if you are placed in charge of an irrevocable trust. This is especially true because, after the grantor passes away, their Social Security number will no longer be sufficient. At this point, it will be up to you as the manager to acquire an EIN.