Legal Question in Wills and Trusts in Massachusetts
Federal ID#
As a co-executor of a will, the bank acct. I am setting-up in order to pay creditors with the deceased' money requires a Fed. ID# which I applied for and have received....(1)what (if any) liability could be attached to me as the sole applicant?....(2) as a co-executor, was it necessary for the other executor to be named on the application?....the internet FID# application made room for just one applicant.....would seem that if no liability is assumed, that having both executors on the application would not be necessary.
1 Answer from Attorneys
Re: Federal ID#
You are responsible for making sure that taxes are paid from the Trust Assets, but you do not take personal responsibility for the taxes as Executor unless you misappropriate funds or file a false return or fail to file a return if required. In other words you are responsible only for your actions as Executor and not for the estate's obligations. I would suggest you estimate any taxes that will be due from dividends for income taxes and any inheritance taxes due from the estate and make a provision from existing funds for them.
You might want to contact an estate attorney or a CPA for assistance. If there is a taxable estate, Estate Tax returns are usually prepared by Attorneys.
If you have additional questions, please do not hesitate to contact me.
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