Series 50: Contributors

Contributors

Contributors are the people who open and maintain control over a 529 account. There are no restrictions on who can be a contributor. The contributor can be any adult at any income level. Contribution limits are very high in most states.

Contributors maintain control of the account until the funds are used, even after the beneficiary reaches the age of majority. The contributor is the owner of the account. If the contributor 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 the beneficiary. Interestingly, upon death, assets in the account will not be inclu