Change of Designated Beneficiary. 1. At any time prior to the date that the Designated Beneficiary attains the age of 30, the Responsible Individual may change the Designated Beneficiary for the Custodial Account to any Family Member of the original Designated Beneficiary under the age of 30, or direct the Custodian to roll over or transfer the funds in the Custodial Account to a Xxxxxxxxx ESA of a Family Member of the original Designated Beneficiary under the age of 30. 2. Any change of Designated Beneficiary complying with Section L.1 above shall not be treated as a distribution if the new Designated Beneficiary is a Family Member and such new Designated Beneficiary has not attained the age of 30, as of the date of such change. 3. Notwithstanding any other provision of the Xxxxxxxxx ESA Custodial Agreement, a new Designated Beneficiary may be named within 30 days after the Designated Beneficiary attains the age of 30.
Appears in 20 contracts
Samples: Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement
