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Changing Trust Account from SSN to TIN

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Question: 
Can a grantor on a trust change her social security number to a TIN without closing that account?
Answer: 

If your institution has the ability to allocate information reporting between the SSN and the EIN for the calendar year of the change, using the same account number should not be a problem. Here, you are not attempting to change ownership via account maintenance, something bankers often do. You are simply trying to accomodate a routine change in the TIN when the trust becomes irrevocable.

First published on BankersOnline.com 5/30/11

First published on 05/30/2011

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