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It allows the estate’s personal representative to open a separate bank account for the estate, which can then be used to collect all the assets and pay remaining debts or expenses to the appropriate financial institution.
After a person dies, their debts must be settled and their remaining assets passed on to the decedent’s beneficiaries, according to their will. A decedent's estate refers to everything of value the individual owned, including personal belongings, physical and intangible assets, real estate, financial securities, and cash. A will legally stipulates how an individual’s estate is to be split up.
A decedent and their estate are considered two separate taxable entities. Therefore, there are two primary reasons why you need an estate tax ID number:
It allows the estate’s personal representative to open a separate bank account for the estate, which can then be used to collect all the assets and pay remaining debts or expenses to the appropriate financial institution.
You must obtain a tax ID number for a decedent's estate to file the estate’s tax return, especially if it’s still generating taxable income.
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