Boston, MA asked in Estate Planning and Probate for Massachusetts

Q: Bank won't accept will and certified voluntary administration, wants Estate Tax ID

I filed to represent an estate of which I am the sole beneficiary and executor under the will. There was a small checking account balance - approx $800, an older car (2004) in need of repairs and misc clothing furniture etc most of which was donated to charity. The petition (voluntary administration CJP7) was approved by the court and certified copies obtained but the bank won't accept the will and court document and is asking for an estate tax ID to release the funds to me even though the court clerk said that should be sufficient.

Wouldn't getting the ID number require probation get the estate and filing an estate tax return? I'm worried if the same issues arise when I try to re-title and insure the vehicle. I thought this was supposed to simplify things.

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2 Lawyer Answers
Lillian J. LaRosa
Lillian J. LaRosa
Answered
  • Probate Lawyer
  • Woburn, MA
  • Licensed in Massachusetts

A: You will need a federal tax payer ID to liquidate the bank account and motor vehicle. You can discuss with your tax preparer or accountant whether or not you need to file fiduciary tax returns , but you would also need to file the tax returns for the last year of the decedent's life and there could be a refund as well, so address these concerns with the tax preparer or accountant you use.

John Espinosa
John Espinosa
PREMIUM
Answered
  • Lowell, MA
  • Licensed in Massachusetts

A: Getting an EIN for the estate is a simple and free process, and it makes sense that the bank wants it in addition to the court documents you already have. This is how you can obtain an EIN for the estate: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

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