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 move your assets from one investment to another, it's called a rollover. For example, if you move money from one IRA to another IRA, that transaction is a rollover. In the same vein, if you move money from a qualified retirement plan, such as a 401(k), into an IRA, you create a rollover IRA. Similarly, when a bond or certificate of deposit (CD) matures, you can roll over the assets into another bond or time deposit.