Series 53: 4.1.5.3.1. Account Owners

4.1.5.3.1. Account Owners

An account owner is the person who opens and maintains control over a 529 account. There is no restriction on who can be an account owner. Either the account owner or another adult can contribute to the account. A contributor can be any adult at any income level. Contribution limits are very high in most states, but they must be cash contributions. This means that securities, such as stocks, bonds, and mutual fund shares cannot be contributed to a 529 plan.

An account owner maintains control of the account until the funds are used, even after the beneficiary reaches the age of majority. If the owner dies before the funds are distributed to the beneficiary, the account will pass to the named successor. If there is no named successor, the assets will be passed to