When a person passes away, their trust/estate is entrusted to someone who is called the executor/trustee. This person then has the responsibility process the Ohio tax ID application which is needed for the estate/trust. It is not allowed by law to utilize the Social Security number of the person who passed away or the executor’s. Of course in every law there is an exception and that is if you are the living spouse of the deceased. The estate/trust must be left to you thus you can still use your personal Social Security number because the estate/trust is automatically considered to be your assets.
The ID number you need for the trust/estate is called EIN or employer identification number. This is a requirement when opening a bank account or a brokerage account. This is the same number that will be utilized by the bank to publish the interest collected by the accounts until such time it is given to the beneficiaries of the trust/estate.
You can apply through the IRS website which is located at www.irs.gove and you will get your EIN in just a few minutes. If you don’t have computer or internet at home, you can also apply through fax.
There are a number of questions you might encounter while using the online assistant of the IRS website. First is the organization type which you are applying for an EIN. Just click the appropriate answer between estate and trust. For trust, an additional question would be the type which is irrevocable because the trust belongs to a deceased person.
For the responsible party, fill out the name of the trustee or executor. This will let the IRS know who will pay the taxes of the estate/trust. This is also the same person that will be liable if the taxes of the trust/estate are not paid on time. They will also ask for the Social Security number of the trustee/executor.
The name of the executor will only be asked if the EIN is intended for an estate. While processing Ohio Tax ID application for trust, additional question will be asked about creating a 645 election.