Glossary: Successor owner

Preparing for the future involves planning for the unexpected. That’s where a successor owner for your my529 account comes in.

If you own an Individual Account, you can designate a successor owner according to the guidelines below.

Successor owner

An account owner can list up to two individuals or one entity who will assume the rights and obligations to your my529 account should the account owner pass away. The primary or secondary successor account owner must meet the same requirements as the account owner.

However, if the primary successor is an entity (e.g., trust or corporation), there cannot be a secondary successor. Even though they are listed on the account, a successor is not considered a joint account owner. That means they can’t make transactions, sign forms, or request information about the account.

How to get started

Designate successor account owners by logging in to your account at my529.org, or by submitting Form 515. A trust, corporation or other entity can also be named a successor account owner.

In the event that an account owner passes away, a successor will need to contact my529 to begin the transfer of ownership of the account.

What if I have an Institutional or UGMA/UTMA Account?

These accounts are governed by different rules, so you cannot designate successors. Please read the Program Description for more information.