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529 education allocations and beneficiaries. I'm confused. How do I designate who gets what?
I have one 529 education plan and 3 kids. I'm very confused about how I manage the amount saved for each. There are "beneficiaries" and a "successor owner". What's the difference? Are the kids beneficiaries and my spouse the successor?
Should instead have an account for each child (which seems like more complexity than is necessary)?
1 Answer
- Sharon TLv 71 decade agoFavorite Answer
As far as I know, you should have a separate account for each child. Of course, the money may be transferred from one child's account to another's.
The child is the beneficiary. The successor owner is the person who will take over managing the account if something happens to you.
Call the place you have the account and have them review it and also explain it to you.
