Understanding Your Role as a Personal Representative
Securing an EIN is the foundational step for estate administration. An EIN functions as the estate’s taxpayer ID and is required for filing tax returns and managing financial accounts in the estate’s name.
Application Steps
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Access the IRS EIN Tool
Navigate to IRS.gov and select “Apply for an Employer Identification Number (EIN) Online.” This is the IRS’s preferred and fastest method for obtaining an EIN, issuing it immediately upon successful completion of the session. -
Begin the Online Application
The online system guides applicants through a brief series of prompts. After clicking “Apply Online,” you’ll be presented with an overview page outlining the application steps and eligibility requirements. -
Select the Appropriate Filing Category
When prompted, choose the category that corresponds to an estate (often listed under “Estate of a Decedent”). This selection ensures the EIN is issued for the correct entity type. The system provides guidance on each scenario to streamline your selection.
Acquiring Your Employer Identification Number (EIN)
Of course, you want to choose the one that says estate. It’s important not to do this before you’re appointed the personal representative. Things could happen where you do not get appointed personal representative. Just various things could happen before you need to get that tax ID number.
You will be required to have a tax ID number for depositing any monies that you gather from the assets of the decedent. For more information and to learn about other topics in my attorney blog, you may contact me at oklahomawillandtrust.com.
Schedule Your Low-Cost Consultation Today
If you have any questions or need further assistance, don’t hesitate to reach out. Schedule a low-cost consultation with me to ensure you are fulfilling your duties as a personal representative correctly. Contact us today at (918) 876-4500.