If a New York estate has any assets or any expenses whatsoever, it will need a federal tax ID, because it is impossible to open a bank account without one. Banks need to peg an account to an identification number, both for federal reporting purposes and for their own cross-checks and record keeping reasons.
A bank cannot use the deceased person’s social security number because the number is no longer in use after someone dies. A bank cannot use the administrator’s or executor’s social security number because the account is not for them but for the estate. As a result, the only ID the bank can use is a federal tax ID number for the estate, so even if the estate is not large enough for estate taxes, an ID will need to be obtained anyway.
Contact your New York estate attorney or an estate accountant for help with getting a New York estate tax ID. If you are still looking for an attorney for your estate, we will be glad to be of assistance. You can call our firm, the Law Offices of Albert Goodwin at (212) 233-1233 for a free phone consultation.