Nixon line is David from Belle Isle. David, David, you're on news 96.5, go ahead. Hello, are you doing good? My wife has been collecting a small royalty from an oil well which was inherited from her father. It turns out that was part of a trust in his name, and now the energy company is saying that we need to provide them with the tax ID for the trust in order to continue the distribution. All right, David. When that check comes to your wife, is it coming from the oil company or the trustee of the trust? It's coming from the oil company. Do you have a copy of dad's trust that you're referring to? I do have a copy of the trust, and it shows that the trustees are her and all of her siblings, who are the beneficiaries of the trust. Are all the siblings getting checks from the oil company as well? They were at one time, but now they're saying otherwise. So, we're trying to figure out what to do. We got a letter from them asking for the tax ID. David, if that lease is owned by the trust, they should be making their lease payments to the trust. In order for them to make payments to the trust, they need to have the tax ID number. Alternatively, the trustees of the trust could assign the lease rights out to the individual beneficiaries, and then they could start making payments to the individuals. This can be done without establishing the tax ID for the trust in my opinion. However, it may be helpful to consult with an accountant or CPA regarding the trust's tax returns that may have been due for the past ten years since dad passed away. When did dad pass away, David? It...
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Ein for revocable trust after death of grantor Form: What You Should Know
Who Needs an EIN for a Revocable Trust After Death? — TheStreet.com Jan 13, 2024 — It's important to get an EIN for both the granter trust and the revocable trust, so there's one record of who is responsible for the trust after its deceased owner dies, or if the granter is not known. May 13, 2024 — A tax document that's called an IRS EIN will be used to identify the person responsible for administering the trust at the time of a deceased person's death — but that person is not necessarily the heir to the trust.  In this example, the only person who needs an EIN after death is the executor or administrator responsible for managing the deceased person's share of the estate. Is an EIN Required for a Revocable Trust After Death? — BusinessInsider.com May 08, 2024 — There will be one trust person that must have an EIN to administer a revocable trust.  That person, in most instances, is the executor I Need an EIN for My Estate After My Death — The New York State Registry of Vital Statistics Mar 25, 2024 — Once a person dies, however, they don't automatically become a trustee of the estate.  Instead, it's up to the estate's surviving trustee to file an official transfer to the beneficiary.  It must include a statement from the trustee Can I Take Out a Revocable Trust to Make Money? — DailyFinance.com Jul 22, 2024 — When a deceased person leaves assets to a trust, the estate will automatically transfer those assets to the trust. Trustees don't have to take out a trust to own or have assets in other types of financial products — like financial stocks or bonds — unless they already own these investments. When should I take an EIN? — U.S. News Mar 12, 2024 — The EIN is just a way to get your tax filings filed with the IRS.  It isn't an identification card, so you don't have to give it up if you die. It's important, however, so that your beneficiary can know who to talk to when you're no longer alive.
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