A 529 plan is one of the most common methods for people to plan ahead for their children with regard to education. 529 plans are used by parents as well as grandparents to leave behind assets for a child’s use in college and beyond. The importance of naming a successor, however, cannot be understated. You should contact your 529 plan manager for the form to submit both primary and secondary successors. The account holder will submit the form naming the successor as the new account owner and if the owner dies unexpectedly, the primary successor assumes all control. 

Remember that the successor has all the rights of a traditional account owner. That means he or she can choose to change the beneficiaries, so this should be somebody you trust. Scheduling a consultation with an experienced estate planning attorney who has helped many other people gather the necessary strategies and tactics to protect investments and assets for college education is important.

Sitting down and walking through what you intend to do with your assets, including 529 plans and naming successors and secondary beneficiaries on all of your accounts can give you greater peace of mind that your wishes will be followed in the future.