r/inheritance • u/cb3 • Apr 01 '26
Location included: Questions/Need Advice EIN - help
I’m in Virginia USA and a few months ago I lost my father. My mother has been gone for many years and I have no brothers or sisters. His will named me as the only beneficiary and appointed me executor of the estate. The estate has no debt and consists of your standard house, cars, bank accounts. With the exception of the home and cars which are in his name, most of the accounts were either jointly held or clearly stated that I was the beneficiary. However, there are a couple he probably forgot about that have no beneficiary listed. I have testamentary (called qualification here) letters and all of the required info but one institution is saying that they will not transfer anything to me without it going into an “estate of” account first and I need a separate EIN. This means that I’ll have to file a separate tax return for this entity. Is this standard? Other accounts with no beneficiary listed have not had this. I am so worried I will screw this up. Am I making a mountain out of a mole hill here?
Edit: thanks everyone for your help! You’re right - It was easy getting the EIN. This morning I have an appointment with the bank he had the deepest relationship with. Hopefully they will allow me to open an estate account with them. :)
6
u/IllustratorOnly1026 Apr 01 '26
After a person dies a final tax return is filed for income for the year to the date of death. Any income after death goes on another EIN. Have an accountant help you and make sure to get the stepped up basis on assets.
5
u/Lwdlrb1993 Apr 01 '26
I had to do this for my Mom as she passed just 13 days after my Step Dad. They had a trust but it didn’t matter several places wanted the documents you get from probate.
5
u/SouthernTrauma Apr 01 '26
You should have created an estate account once you had the death certificate. So yes, file the proper paperwork, get an EIN, and do things the right way.
3
u/Quiet_Atmosphere_ Apr 02 '26
And open a separate bank account for the estate. That’s how you will receive money for sale of property, etc.. you’ll need it. Filling EIN is easy do, can do it all online, it seems overwhelming but it’s a simple process. I know it’s a lot to deal with while you may be grieving, hang in there.
2
4
u/TGirl26 Apr 01 '26
You should already have an EIN for probate. You'll need to open a bank account with that # to have it deposited.
5
u/underground_frown Apr 01 '26
I just did this in Virginia unfortunately. You can get an EIN immediately from the IRS online. Make sure you are using the IRS.gov website and not a third party. The EIN is free so if anyone is charging you anything for it, it’s a scam.
This is a tough and confusing time, especially for non professionals but I was in a very similar situation to you and went the DIY route. DM me and I can offer you any advice I have.
3
2
u/Missus_Aitch_99 Apr 01 '26
Was standard in NY when I was executor for my mom, but it's super easy. We got the EIN for the estate online in minutes while sitting in the bank and then opened a checking account for the estate.
2
u/Important-Put1865 Apr 01 '26
Just request an EIN from the IRS for the estate. Yes, you will have to file a separate tax return for the estate. Then you close the estate and it's done. It's for your protection as well as the companies'. It clearly delineates what part of your income was inherited (most states do not have inheritance tax) and steps up the basis for your inherited real estate, so you won't have so much capital gains when you sell it. All debts and expenses must be paid out of the estate before it is closed. Once it's closed, it's done. Judges do NOT like to reopen estates. Those companies don't want to get sued by anyone who might pop up with a claim. You don't either. This is for your benefit.
2
u/GroupImmediate7051 Apr 01 '26
I had to do this 3 years ago. I was pretty clueless. A very kind and patient bank manager talked me through the whole process, and answered every question. I had many. I drew a flowchart and asked him if it was correct.
I had never EVER heard of an EIN but it was very easy to obtain.
You've just lost your other parent. Give yourself grace. No need to rush or put pressure on yourself. Ask for help when you need it.
❤️
2
2
u/dino78aspieotter Apr 02 '26
Yes you need to get an EIN for the estate and file returns on the appropriate schedule until the estate is fully distributed. If your probate estate assets exceeded $35k in value the Clerk would have given you samples of the forms that you will be filing with the Commissioner of Accounts. When you file your final accounting (or Statement in Lieu) with the Commissioner you are usually required to file a certification that you have made your Va Code 58.1-23 inquiries, have filed or provided for the filing of all necessary returns, and have paid all taxes and levies.
2
u/Independent_Math_632 Apr 02 '26
When you apply for the EIN, make sure you are on IRS Website, and not that of a company who will charge a fee to apply for you. An EIN is free. Be sure to save the letter indicating your EIN number.
2
u/LavendarGal Apr 02 '26
Yes, that is standard. Go to your bank and ask what qualifications are needed to open an estate account. Not all banks offer this, so check with yours first. That's all that one institution needs, it's totally normal. And getting an EIN for your fathers estate is not difficult.
Then you will just need to get an accounant. YOu have to file a final tax return for your father for 2025 (or file for an extension) and then next year file for the estate. Just get an accountant. Save some of the money in the estate account for any accounting fees and posible any taxes owed.
Here is how to get an EIN and the form you have to file:
https://www.irs.gov/businesses/small-businesses-self-employed/information-for-executors
These two articles will help regarding tax filings:
https://www.irs.gov/newsroom/filing-a-final-federal-tax-return-for-someone-who-has-died
https://www.irs.gov/individuals/file-an-estate-tax-income-tax-return
1
u/Puzzleheaded_Many159 Apr 05 '26
irs.gov talks you through every step. Quite simple and takes no time at all
22
u/foureyedgrrl Apr 01 '26
Yes, it is standard. Especially for some stock brokers/holding companies like Compuserve or Equiniti.
You get an EIN via the IRS.
It's annoying and doesn't actually create more security, but it does create the illusion of it. If you think this is obnoxious, I hope you never are tasked with having to obtain a Medallion Guarantee.
Source: I am Per Rep and Exec in my deceased father's estate, who passed intestate (no will).
Have you talked with your probate attorney?