When setting up your Revocable Living Trust in NetLaw, you’ll be asked to enter a Tax Identification Number (TIN) for the trust. Here's what you need to know:
Using a Social Security Number (SSN)
For most Revocable Living Trusts, you can simply use your Social Security Number as the trust’s tax ID. This is common practice while the trust is still revocable and under your control.
If you are creating a Joint Trust, only one SSN is needed. This is typically the first spouse listed.
Using an Employer Identification Number (EIN)
Alternatively, you can apply for a separate EIN (Employer Identification Number) for your trust through the IRS.
To apply for an EIN online, visit:
🔗 IRS EIN Application Page
When Is an EIN Required?
For a Revocable Living Trust during your lifetime, an EIN is generally not required—your SSN is sufficient. However, an EIN may be required by financial institutions or when the trust becomes irrevocable.
If you're unsure which option is best for your situation, you may wish to consult with a financial or tax advisor.