tax-law trusts-and-estates
What kind of &quot;Trust&quot; should I choose when applying for EIN? Roll over assets from account held in parents&#39; Revocable Trust
<p>My parents established a revocable living trust many years ago.  Dad died 12 years ago.  Mom died 3 weeks ago.  One of the assets in the trust is a mutual fund account with Invesco.  They are requiring me to setup a trust for a trust-to-trust transfer because they can't (won't?) liquidate the account directly to me since the primary trustees are deceased.  To create the trust I would need an TIN so I went to irs.gov but when I get to <a href="https://sa.www4.irs.gov/modiein/individual/trust-type.jsp" rel="nofollow noreferrer">https://sa.www4.irs.gov/modiein/individual/trust-type.jsp</a> I have no idea which kind of trust to establish and what the ramifications are for each.  I am going to call them back but since they might say "We can't advise you on that because it depends on what you want to do, blah blah blah." I am asking here.</p>

<p>Thanks!</p>

<p>Typically, a revocable trust becomes irrevocable by operation of law upon the death of the last person establishing it and at that point you apply for a new EIN for that trust. </p>

<p>If the company is giving you are hard time, simply give the existing trust a new name and carry out its provisions pertaining to after death management of the assets.</p>

<p>For example, maybe it was originally called the MOM AND DAD REVOCABLE LIVING TRUST and you might now call it the MOM AND DAD IRREVOCABLE TRUST (since it can't be revoked now that they are dead), apply for the EIN on the online form SS-4 with the IRS, and give the new name and EIN to the investment company. If they need an establishment date, you could either say "under agreement dated" (u/a/d) the date of the signature of the revocable trust, or say "formed" and use the date of your mother's death when the revocable trust became irrevocable by operation of law</p>

<p>On the other hand, the investment company should really let the successor trustee access the trust upon presentation of the trust agreement showing the name of the successor trustee, without having to do a true trustee to trustee transfer, although they would still need a new EIN.</p>
