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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33781
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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Do i need a bank account and tax id when settling adeceased

Customer Question

do i need a bank account and tax id when settling adeceased estate
Submitted: 9 months ago.
Category: Estate Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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If the deceased owes debts or bills or has assets that will be sold and converted to cash, then yes, you would need to contact the IRS and file for an EIN number for the estate and once granted you can use that to open up an estate checking account to make any payments, pay any debts, pay any filing fees or costs, pay legal costs, pay yourself, pay any taxes, and then distribute any surplus to the heirs at law or beneficiaries of a will.

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So yes, you need both.. You can apply online with the IRS for an EIN for an estate here:

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https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

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I know it says Employer, but once you start the application a few pages in it will give you the option to select Estate..

They will usually send it to you within 24 hours.

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thanks

Barrister

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