Whose Social Security Number goes on an irrevocable trust?
1 answer
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Last updated: May 26, 2011
Q
When you set up an irrevocable trust and you need a checking account, whose Social Security Number goes on the checking account if it will be in the name of the irrevocable trust?
A
Liza Hanks is the founder and owner of FamilyWorks Estate Planning, a law firm with offices in Campbell and Los Altos, California, and...
100% helpful
An irrevocable trust requires its own tax ID number, called an Employer Identification Number or EIN. It's like a Social Security Number, but instead of being for a person, it is for the trust.
You get one online from the IRS website or over the phone by calling 800-829-4933.
Once you get that EIN, the trustee can open up a bank checking account in the name of the trust.
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