What steps need to be taken when an individual receives a large sum of inheritance money?:
Most people are required to enlist the aid of a financial advisor.  This is a very good thing as it allows you to invest the money, instead of letting it sit in your bank account.

If this is court awared inheritance, then the court will most likely require a financial advisor.

Aside from the investing, what the person whants to do with the money is up to them. There really isn't any other steps to worry about.

You don't need to tell the government, you don't need to include it on your taxes unless you want to, and frankly, other than investing, there isn't much more for you to do, aside from get the check, cash it, invest it, and live.

Don't go overboard, and spend all the money at one time, mind you.  Spend well, and leverage your money the best you can.