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Opening an Account for a Deceased Person
by John Burnett, BOL Guru
Guru BIOS

Question: When a person with a revocable trust in his/her name dies, and another person is trustee, can that person open a CD in the deceased person's trust without having an EIN?

Answer: No. The revocable trust became irrevocable on the death of the grantor/trustee. It clearly is a separate entity with a separate identity from all perspectives, including that of the IRS.

Short version: The trust must have an EIN.

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First published on BankersOnline.com 3/7/05






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