Does a Conservatorship need a Tax ID (EIN)?
A conservatorship occurs when an individual becomes responsible for the financial affairs of someone else, often due to their mental inability to manage their own finances, or advancing age. Conservatorship can even occur if someone is physically temporarily disabled, such as experiencing a debilitating illness. During conservatorship, the conservator won’t necessarily need a tax ID, due to the way that the process works.
Usually, the conservator will be noted as someone who is taking care of an account. They will use their own SSN (tax ID). But the accounts will still be under the individual they are providing conservatorship to (the conservatee). So, the conservator will be using their own SSN and the conservatee’s SSN, but not necessarily any other.
However, there is another type of conservatorship, which happens during bankruptcy and restructuring. An individual can become the “conservator” of a business, with the goal of making sure it’s profitable and its debts are paid off. During that time, the company’s debts may be temporarily moved into a different structure, and if this occurs, another EIN/tax ID will be needed.