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.
Spousal Inheritance. If you inherit a qualified annuity from your spouse, you can take direct ownership of it or roll it over into your own IRA. In either case, you can postpone taking money out until you reach age 70 1/2. You only shell out taxes on the inheritance when you withdraw it from the IRA.