As executor of my mother's Will, I would like to set up an estateaccount to pay any bills before dividing any money among the beneficiaries. I have been told by some banks that I need an EIN to set up that account, and some banks say I don't. There is a small IRA involved and the proceeds from the future sale of a house. Should I apply for an EIN and do I even need one?
Untitled
The banks that require an estate account to have an EIN are correct. The other banks are wrong. A Social Security number can only be used by an individual who is alive, and for filing his or her final personal tax returns. It cannot be used by his/her estate.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The banks that require an estate account to have an EIN are correct. The other banks are wrong. A Social Security number can only be used by an individual who is alive, and for filing his or her final personal tax returns. It cannot be used by his/her estate.
