Our client had a 403(b) account. He recently died. He left a beneficiary designation (to spouse and children in separate accounts) but the account has not yet been distributed. Who would be entitled to manage the account assets at this time? His personal representative? The beneficiaries? It is possible that some beneficiaries may disclaim their benefit. Specifically, we would like to see the assets invested in other funds right now (prior to distribution), but we are looking for who has authority to direct the change in investment.

This may be one of those "look at the plan document" answers, but if anyone knows of a general rule, I'd appreciate hearing it.

Have your read the annuity contract? In most contracts the beneficary becomes the owner of all rights under the contract including the right to direct investments. If the benes are minors then a guardian will have to be appointed to exercise the rights under the contract.