First: You might not. But you probably do. If you have a revocable trust, you don’t need an EIN Number. Instead, you can use your own social security number for the trust. But having a revocable trust is also a bit of a double-edged sword, because while you still have control over your assets, you’re going to be responsible for any taxes the trust generates. An irrevocable trust, on the other hand, does need an EIN Number, and will be responsible for its own taxes.
One of the primary benefits of having a trust is to avoid taxes on an individual level. Trusts provide additional levels of tax planning, because you’re setting aside assets for specific purposes, and not touching them other than doling them out to beneficiaries. Since trust accounts can be complex, they are usually setup by a lawyer, such as an estate attorney. Trusts can also be established through wills or after an individual passes, in which case they need an EIN Number because the grantor’s SSN will be retired.