Death of an Account Owner

Reporting the death of a loved one can be stressful, so we’ve made this process as easy as possible during this difficult time.

Frequently Asked Questions

How do I view or change the Designated Survivor on my account?

You can view the designated survivor, or any individual associated with your account, through your online account. After signing in, click View My Accounts, select Account Summary and choose the appropriate account. To change a designated survivor, complete the Designated Survivor form online. If you’d like the designated survivor to receive information on an account, you can also add them as an authorized individual.

What do I do if another individual listed on the account passes away?

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 either:

• 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.

How long will it take to update the account ownership?

The update can take up to 30 days after the required documentation is received.  The new account owner will receive written notification of the update via mail.

I don’t have all the information you are requesting. What should I do?

Please send a copy of the account owner’s death certificate and complete as much of the information on the form as you know.

There is no Designated Survivor listed on the account. Who will become the new owner?

When an Invest529 account owner passes away, ownership automatically transfers to the designated survivor named on the account. If a valid designated survivor is not named, Invest529 reserves the right to designate the account beneficiary (student) as the new account owner if the student is over the age of 18.  If the student is under the age of 18, Invest529 may set up a custodial account (under the UTMA) for the benefit of the student and designate a custodian to manage the account until the student reaches the age of 18. Per the Prepaid529 and Invest529 Program Descriptions, Commonwealth Savers and Invest529 may take the suggestion of the executor or representative of the deceased account owner’s estate when naming a custodian for a student.

If both the account owner and designated survivor have passed away, complete and submit the Transfer Account Upon Death of an Account Owner Form along with a copy of the death certificates.

Forms