Grantor Trust Agreement With Multiple Grantors
Description trust with multiple grantors
How to fill out Grantor Trust Agreement With Multiple Grantors?
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FAQ
If you set up an irrevocable trust, you must fill out a W-9 form so that the IRS can grant you a taxpayer identification number for your trust. Provide the name of the trust at the top of the form where the IRS asks for a name. Do not put the name of the trustee in this space, just the name of the trust.
The trustee may be the grantor. The grantor designates the beneficiaries who are to benefit from the trust and receive its income and principal. Certain trusts allow the grantor to be both the trustee and the beneficiary. This is common with the living trust.
If you set up an irrevocable trust, you must fill out a W-9 form so that the IRS can grant you a taxpayer identification number for your trust. Provide the name of the trust at the top of the form where the IRS asks for a name. Do not put the name of the trustee in this space, just the name of the trust.
It is possible for a trust to have multiple grantors. If more than one person funded the trust, then they will each be treated as grantors in proportion to the value of the cash or property that they each provided to fund the trust.
Grantor Trusts. As a general rule, grantor revocable trusts do not need a separate EIN. The trust's income is reported under the grantor's SSN because the grantor may, at any time, revoke the trust and regain possession of the property.