At any time, you can change the Beneficiary of your account and the list of options is extensive: sons or daughters, granddaughters or grandsons, siblings, step-siblings, fathers or mothers, step-parents, cousins, nieces or nephews, in-laws, or the spouse of anyone these.
529s are not a ‘use it or lose it account’.
You have three simple options that don’t incur penalties:
- Keep the funds in the account in case the situation changes
- Change your Beneficiary to another family member or yourself
- Or, rollover the savings into another 529 account