Series 52: Contributors And Beneficiaries

Contributors and Beneficiaries

A 529 education savings plan account has a contributor and a beneficiary. The contributor is the individual who opens and maintains control over the 529 account. When the 529 account is created, the contributor names the beneficiary. The contributor is frequently a parent of the beneficiary, but can be any adult at any income level. The beneficiary can be any age. The contributor and beneficiary do not need to be related. A contributor can even set up a 529 account for herself. While a person may be the beneficiary on multiple 529 accounts, this is usually not recommended because it may be easier for a single account to qualify for certain reduced commissions. A representative who recommends multiple 529 accounts with the s