File Your Representative Payee Report. The SSA requires that a representative payee file an annual accounting called the Representative Payee Report. This report details what you, as the representative payee, have done with the beneficiary's funds during the previous year.
You can roll over an inherited qualified annuity. This type of annuity resides in an individual retirement account or employer plan. A nonspouse beneficiary has limited options regarding how to roll over the annuity and when taxes are due.
If you inherit as a spouse This is the simplest situation, because you can either retitle the IRA, so that it's in your name, or you can rollover the money into a new IRA. The new IRA would also be in your name, of course, and the rollover is a tax-free event. So far so good, eh? Next, we need to consider what kind of IRA you inherited.