QUESTION
Do I have to get a new EIN number for trust?
Asked on Apr 18th, 2013 on Estate Planning - Michigan
More details to this question:
I am trustee on an irrevocable trust. I got a ein number for the trust. Am I also required to get a new checking account under that ein number or can I keep using the old checking account?
13 ANSWERS
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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The account should be under the EIN for the trust.
Answered on Apr 19th, 2013 at 2:17 PM
You close the old account and open a new one with the new EIN.
Answered on Apr 19th, 2013 at 2:17 PM
Admiralty / Maritime Attorney serving Monrovia, CA
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The Law Office of Nathan Wagner
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The law should not prevent you from using the old account with the EIN. But the bank's own internal rules might say that you have to open a new account. Talk to your banker.
Answered on Apr 19th, 2013 at 12:36 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Switch the existing account to the new number.
Answered on Apr 19th, 2013 at 12:32 AM
2 Awards
Yes you need an EIN for an irrevocable trust and you should open a new bank account so that it is a clear record of when you took over as trustee.
Answered on Apr 18th, 2013 at 1:20 PM
If the trust has its own EIN there should be no reason to get a new one. You should consult an estate planning attorney to assist you.
Answered on Apr 18th, 2013 at 1:20 PM
Thomas Edward Gates
The Trust should have its own checking account under the EIN that you got for the Trust.
Answered on Apr 18th, 2013 at 1:20 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Yes as to both questions. New EIN and checking account for the new trust.
Answered on Apr 18th, 2013 at 1:19 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You don't need to get another new EIN; but yes, all the trust's accounts should be under that EIN. Remember that you need to account annually; do yourself a favor, and simplify down to fewer bank and brokerage accounts.
Answered on Apr 18th, 2013 at 1:19 PM
Get a new one.
Answered on Apr 18th, 2013 at 1:19 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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You should use the new EIN number. Whether the bank will allow you to change numbers on the existing account or force you to close it and open a new one, I do now know. I suspect they will want to set up a new account. You cannot use someone's social security number after they are deceased. Once the trust became irrevocable, it also became a separate tax payer.
Answered on Apr 18th, 2013 at 1:18 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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You will need a new account in the name of the trust. Those funds should not be mixed in with any others.
Answered on Apr 18th, 2013 at 1:18 PM
3 Awards
The bank account's ein needs to match the trust's ein. If the bank can change the ein, then a new account is not needed. If they cannot, then you need a new account.
Answered on Apr 18th, 2013 at 1:18 PM