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Can the beneficiary of an irrevocable trust open a bank account with trust's EIN?

Absolutely....All one needs is to be the trustee of the irrevocable trust, have a Tax Identification number for the trust, and all documents for the estate, investments, shares, and accounts you are planning to transfer into the Trust account.


How can you tell if a trust is irrevocable?

Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.


What is the difference between credit shelter trust and irrevocable trust?

What is the difference between credit shelter trust and irrevocable trust?


Can a irrevocable trust use a social security number?

If the irrevocable trust is properly drafted and is not, in fact, a grantor-owned revocable trust, then it should have its own unique Taxpayer Identification Number ("TIN").


If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?

no


Can a testamentary trust be revocable?

No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.


Is property held in an irrevocable trust protected in bankruptcy?

Can you protect your assets from bankruptcy by placing them in an irrevocable trust?


Is there a settlor in an irrevocable trust?

if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do


Can a trustee use the income from an irrevocable trust?

For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.


Where can I get more information for an irrevocable trust?

You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law


Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?

The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html


Can I use the same EIN for both an estate and a trust?

No, an Estate and a Trust cannot use the same EIN (Employer Identification Number). Each entity must have its own unique EIN for tax and legal purposes.