IRS Tax ID (EIN) Application

Does an Estate Need a Tax ID (EIN) Number?

When managing an estate of deceased, one of the first things that you will need to get is a tax ID. A tax ID, also known as an EIN, is needed to identify the estate as a separate entity from the individual who provided the assets into the estate.

Often, an estate is formed when someone passes on. The deceased individual is no longer going to be able to file under their own SSN or ITIN because they have passed and therefore an estate will be formed as a separate legal entity, which needs its own tax ID. As an executor or a trustee of an estate, an individual will need to acquire an EIN for the estate. This EIN will be used to open bank accounts, pay taxes, and even hire employees as needed. An EIN can be acquired online in an hour, or through the mail in four to six weeks.