An estate (or decedent estate) or succession is a legal entity created as a result of a person’s death. The estate consists of the real estate and/or personal property of the deceased person. The estate pays any debts owed by the decedent, and distributes the balance of the estate’s assets to the beneficiaries of the estate.
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Should an Estate of a Deceased Individual Apply for a Federal Tax ID?
Before we get started, it is important to understand what an EIN is. An Employer Identification Number (EIN), otherwise known as a Federal Tax Identification Number or Tax ID Number, is used to identify a business entity, similar to the way you, as an individual, would be identified by your social security number. Generally businesses are required to have an EIN.
There are a multitude of reasons for wanting to obtain a Federal Tax Identification Number. While the reasons for wanting a Tax ID Number may vary, that doesn’t mean the process should be tedious or complicated. Gov Doc Filling takes the lengthy EIN application process out of the equation and replaces it with an easy to understand step-by-step process to obtaining a Federal Tax ID Number.