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Once the grantor passes away, the trust needs its own tax number, as the grantor's Social Security number is no longer sufficient. Therefore, while a revocable trust does not initially need an EIN, it's an excellent idea to apply for one just as you would for an irrevocable trust to avoid difficulties managing it.

A testamentary trust is a trust that is to contain a portion or all of a decedent's assets outlined within a person's last will and testament. A testamentary trust is not established until after the person passes away in which the executor or executrix settles the estate as outlined in the will.

No trustee will be available to manage the trust or make a claim against it. In such cases, beneficiaries will need to go to court to resolve the matter, and it may be time consuming and difficult to get it resolved. The will equivalent to the trustee is the executor.

On the eventual death of the primary intended beneficiary of the trust any remaining assets can be distributed to other named beneficiaries or perhaps donated to a charitable organisation involved in supporting people with learning disabilities ing to the terms of the will or trust deed.

They include: Downloading from IRS Forms & Publications page. Picking up copies at an IRS Taxpayer Assistance Center. Going to the IRS Small Business and Self-Employed Tax Center page. Requesting copies by phone ? 800-TAX-FORM (800-829-3676).

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