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Question: My Dad's condo is in a revocable trust under his Social Security Number; I'm the trustee. Must I sell the condo during the calendar year he dies ? How long can I keep his social security number active ?
I am not a legal expert, but here are a few general thoughts for you to consider: 1. Must sell the condo within the calendar year dad dies: There is usually no specific time frame in which you must sell a property held in a revocable trust after the grantor's death. However, the trust may have instructions with respect to the property and how it should be handled upon the grantor's death. It's essential to review the trust document to determine if there are any requirements. 2. Keeping the social security number active: Once your father passes away, the Social Security Administration (SSA) should be notified as soon as possible, and his SSN will no longer be active for his personal use. As a trustee, you may need to apply for and obtain an Employer Identification Number (EIN) from the IRS to be used when conducting any business on behalf of the trust. You can obtain an EIN either from the IRS website or by mailing or faxing Form SS-4 to the IRS. It is essential to consult with an estate planning attorney or tax professional familiar with trust-related matters to ensure you are following the appropriate rules and regulations in your specific situation.
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