Although a 529 can have only one beneficiary at a time, you can
change the beneficiary at any time — as long as the beneficiary is a family member, she said.
You are allowed to
change the beneficiary as often as you like, and the only restriction is that the new beneficiary must be a family member of the old beneficiary.
But if your brother
changed beneficiaries after the policy was sold though, then the agent wouldn't even know the answer to the question.
So if your circumstances change, or you wish to support other schools or charities, you can
simply change the beneficiaries or the proportion of the benefit they each should receive.
And some people do this — Child # 1 goes to school and is the first beneficiary, then Child # 2 goes and mom /
dad change the beneficiary to that child.
If you wish, you may also change your account investment option
while changing the beneficiary, without it counting as one of two allowable investment option changes per year.
The owner of a 529 account can
change the beneficiary designation, making it possible for the account to cover the college expenses of a sibling or other relative of the original beneficiary.
You receive the same charitable donations tax credit at death and it also provides the flexibility of the ability to
change the beneficiary as you see fit.
Only an owner of a life insurance policy retains the abilities to name and
change beneficiaries in a life insurance contract.
Another instance where you want to think
about changing beneficiaries (besides marriage, divorce and dependents) is if your main beneficiary passes away.
On the other hand, if you're now single and have no children, you may want to review your life insurance needs and
change beneficiaries on current policies.
If the beneficiary of a life insurance policy dies before the policyholder does, then the person paying on the insurance policy has the right to review the policy and
change the beneficiary information.
It is common that people acting under a power of attorney can not make wills for the beneficiary... or
change beneficiaries of plans.
«They don't need to be related,» says Nelligan, noting that most plans let participants
change beneficiaries for any reason.