My aunt set-up a Revocable Trust many years ago. She passed away in 2020. The turst had a loss in 2020. We have been selling the assets of the trust and did not made any distributions to the beneficiaries.
The beneficiaries of the trust are 4 individuals with 10% interest each. They are to recieve a one time distribution of principal and undistributed income within 2 years of the Trustor's death. The remaining 60% is to be held in the trust to pay college related expenses for any descendants of my Aunt's parents. (These could be a large number of people.) This will continue until the death of the Trustee (me).
How do I list the 60% beneficiary(ies) on the 1041?
In future years will I still need to list the 4 individuals as beneficiaries?