My parents set up an irrevocable trust with my brother and I as Trustees. We have to open a trust bank account and therefore need to apply for and EIN to open the account. Does the application for EIN allow for designation of 2 trustee and both social security numbers? We only need the EIN and account to distribute a small life insurance policy which will be made the trust. The insurance check will be deposited and then quickly disbursed as designated by the trust, so I don’t believe there should be any income tax that would be due.
ANSWER BY MARGARET CROSS-BELIVEAU:
The online application only asks for one person to be a responsible party. Make sure to apply through irs.gov. It is a free application. If you use another company to do the application, there will be a charge.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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The estate administration and estate planning attorneys at the Beliveau Law Group provide legal services for estate planning, probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.