A conservatorship happens when a guardian is set to manage the affairs of an individual. The person under guardianship is also known as the “ward” of the individual, and could be someone with a medical handicap or age-related issue. A conservatorship doesn’t always need an EIN, because a conservator can act under their own SSN. But having an additional EIN may be important if the conservatorship includes trust accounts or other similar financial vehicles.
An EIN is generally used when funds are separate from either the conservator or their ward. In some situations, the conservator manages funds themselves, and while they don’t need to pay taxes on the funds that they manage for the ward, they still file their own tax returns and the ward’s tax returns. In other situations, the conservator may have a trust account separate from themselves and the ward that they need to manage. In this situation, the conservator’s trust account could have a separate EIN.
Conservatorship is a complicated area of family law, and consequently should be explored with the help of a specialized attorney.