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In this tutorial, Lee Phillips explains what occurs when the grantor of a trust passes away. Initially, the trust is revocable and disregarded by entities like courts or the IRS. However, upon the grantor's death, it becomes irrevocable and operates independently, effectively recognized as its own entity capable of legal actions, including suing or being sued. The speaker emphasizes the necessity of obtaining an EIN (Employer Identification Number) for the trust after the grantor's death. To obtain an EIN, one should visit the IRS website, enter "EIN application" in the search bar, and follow the prompts to secure the number needed for the trust.
