Our 14 year- old son is the beneficiary of a fixed annuity valued at $100,000.

You need to file an application in probate court for guardianship of your son's estate. I know it seems strange that a parent would need to apply for guardianship to manage money for their own child, but it is a requirement in Ohio. The guardianship process is designed to protect those assets for your son, and to make sure that the money is not used for anyone else's benefit. The application must be filed in probate court in the county where your son lives. The court will hold a hearing on your appointment, to make sure that a guardian is necessary and that you are suitable to manage your son's financial affairs. If you are appointed, you will be able to manage the fixed annuity for him. The court will likely require you to move the fixed annuity proceeds into a custodial account, and you will need to get court permission when you need to use any of the money for your son. When your son turns 18, an application can be made to terminate the guardianship and he can manage the money himself. I recommend that you retain an experienced probate attorney to guide you through the guardianship process. An attorney can explain the application and appointment process, and can help you meet the court requirements after you are appointed.

There is little to add to Ms. Coles outstanding answer, but I thought I would add a bit of context so you understand why this is required. All too often, parents use money inherited by their children, often intending to pay it back, but rarely doing so. When the child turns 18 and wants to use the money for college or some other purpose, the money is gone. So the legislature created a protective system to try to prevent from happening, requiring the parents to appear in court and most likely create a custodial account for the funds. In addition to creating the account, there is an annual Report of Guardian to be filed, showing the court what is happening with the account each year. The court is the "superior guardian." The parent guardian essentially becomes an agent of the Court, and is responsible to the Court for what happens with the money between now and the time the guardianship is terminated. If, God forbid, your son gets to be 18 and has drug or alcohol problems or is financially responsible, it is possible to ask the court to keep the guardianship in place until he gets his act together. Find an expert probate and guardianship attorney that you like, because you will be working with him or her for a few years. If the legal costs are a burden to you, the Court will most likely allow them to be paid from the inherited funds in the guardianship account.