Estate or trust account accounts are set up to provide a safe haven for assets as they are being passed on or used on the behalf of the account beneficiaries. How Do I Set Up an Estate or Trust Bank Account? How Do I Apply for an Estate Tax Identification Number? What Is the Difference Between a Trust Account and an Escrow Account?
The estate account holds funds for a short period of time while settling an estate after the death of the owner of the assets making up the account. A trust contains specific assets, held on behalf of the individual establishing the trust for the use of the beneficiaries of the trust. 1Apply to the IRS for a taxpayer ID number in the estate’s name. Apply online through the IRS website, or by mail or fax by filling out a Form SS-4, the Application for Employer Identification Number.