When an individual other than the account owner passes away, the account owner may change the individual on the account by completing the appropriate form and required documentation.
- Authorized Individual – Complete and submit the Account Access Authorization Form to remove/change the authorized individual on the account
- Designated Survivor – Complete and submit the Designated Survivor Form to change the designated survivor on the account.
- Custodian – Complete and submit the Transfer Account Upon Death of an Account Owner Form along with a copy of the death certificate.
If the beneficiary (student) on the account passes away, the account owner may:
- Change the student on the account by completing and submitting the Beneficiary Change Form.
- Withdraw the funds, subject to federal income tax on the earnings and state income tax for Virginia taxpayers. Non-Qualified Withdrawals due to a student’s death will not be subject to the 10% federal penalty on earnings. It is up to the Account Owner to provide this documentation and talk to their tax advisor.