I'm sorry, but I don't understand what you mean by saying "in trust" or "bank money". If, by using the term "bank money" you are telling us that your cousin set up an account which was titled either "ITF" (in trust for) or POD (payable on death), then you are responsible for fifteen (15%) percent Pennsylvania inheritance tax..
If, however, the money left to you was part of a bigger estate of your cousin, then his estate generally is responsible for the inheritance tax.
Either way, I'd consult an attorney (and take the bank statement or passbook with you) to advise you.
The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Flood and Masiuk, LLC and the user or browser. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Mr. Masiuk offers a good answer, as usual. In addition to the inheritance tax issue there could be other tax and non-tax issues so you should see an attorney about how to handle it.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.
Visit Steve Zelinger's website: http://www.stevenzelinger.com/
A related issue is wheter there is an actual trust document governing the inheritance. If there is such a trust document this may state conditions on distribution of the principal and income to you, inheritance taxes and other issues. If you have such a document or it exists you need to consult an attorney to discuss the matter in more detail. If you received assets via an "in trust for/ITF account" you still need to find out if there is a will or trust that has a tax clause stating who has to pay the inheritance tax.