Legal Question in Wills and Trusts in Illinois

My Mom passed recently and she had a trust, can I get an EIN from IRS with a lawyer?

ANother question, my son age 8 was a beneficiary on a certificate of Deposit, the bank that holds the funds wants us (parents) to file papers with the court, stating that we are his guardians is this normal? Couldn't they issue check as Custodian for him under UTMA?

Thanks for any help you can give me, have a great day

Patti


Asked on 2/25/10, 8:40 am

2 Answers from Attorneys
Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

Patti,

Yes, the Trust should get an EIN from the IRS and a lawyer can assist you with that.

Yes, it is typical for the bank to request court papers showing an appointment of a guardian of the estate before releasing the funds. In certain circumstances, if the property at issue is worth less than $50,000, then you may be able to request that they issue the funds to a Custodian under an UTMA.

Please feel free to call me at (847) 99-2250 to discuss. There is no charge for the initial phone consultation to determine if we can help you.

Regards,

Jeff

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Answered on 3/02/10, 8:54 am
Adam S. Tracy Securities Compliance Group Ltd

Patti,

I am sorry to hear about your mother. Thank you for your question.

To answer your question, yes, you can get an EIN. It is actually quite simple; you can do it online. I can do it for you (for free) if you would like.

As for the second question, it gets a little more complicated. You likely have to have her estate admitted to probate in one form or another. Did she have a will? What did she own - in terms of dollar value?

Please feel free to email me with follow up questions; [email protected] All my consultations are, of course, free.

Thanks,

Adam Tracy

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Answered on 3/02/10, 9:06 am


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