By Peter Smith
When it comes to managing a trust, ensuring a smooth process has a lot to do with knowing the rules and paying attention to the details. For instance, if you are the trustee of a trust, did you know that you need to get a separate tax identification number for the trust?
The only scenario in which a new tax ID number is not needed is if you, as trustee, are also the surviving spouse and everything has been left to you outright or in a revocable trust. In such cases, you can use your Social Security number since, in essence, you are the rightful owner of any assets. Continue reading