Raise Education accounts involve different roles that determine who controls and benefits from the funds. Here’s what each role means:
Beneficiary
The individual for whom the education savings are intended.
The beneficiary can be a child, an adult learner, or anyone designated by the account owner. It can even be the same person as the account owner!
Funds in the account are used for the beneficiary’s qualified educational expenses.
Account Owner
The person who opens and manages the Raise Education account.
Has full control over contributions, withdrawals, and account settings.
Responsible for ensuring that funds are used for qualified education expenses.
Successor
The person designated to take over the account in case the original account owner can no longer manage it.
Helps ensure the continued use of funds for the beneficiary’s education.
Can step in to manage the account without needing to open a new one.