The process is simple, says Gil Armour, a San Diego-based certified financial planner. "The parent simply fills out a beneficiary change form, or a partial transfer request from one child to another, and the transfer is accomplished."
The choice of whether to use one account or multiple accounts is a personal decision for families. Parents should consider how they'll divvy up funds among their children when it's time for them to enter college, as well as the rules and fees of their state or of the individual 529 plan accounts.
Trying to fund your education? Get tips and more in the U.S. News Paying for College center.