Legal Question in Wills and Trusts in California

Re: Benificiary responsibities

You will be responsible for income taxes. The formulaes for how much you must take out and when can be pretty complicated. You should contact an accountant or financial planner who can give you exact calculations. If you are in Northern California and need a referral please let me know.

Re: Benificiary responsibities

If the funds have already been received, you will receive a 1099 from the trustee as to how much to report as income. If the funds have not been received you have options on how and when to take the funds which may ease the tax burden. From the lack of information in your inquiry it is impossible to advise you any further other than recommending you seek competent counsel before doing anything.