Weinstein & Randisi
Toll free:800-768-1780

Resize the Content Text

What if a child doesn't go to college after being given a fund?

As part of your estate, you may want to set up a trust or a savings account for children or grandchildren to go to college. This can be a great way to distribute your earnings, especially if you want to help but you also want to make sure the money is really used the way you intended; you don't want to give money with the idea of college in mind and then see your grandchild buy a car with it, for example.

However, children sometimes change their minds. What if you set up a fund and give it to an heir, only to find out later that he or she is not going to go to college?

The first thing you should know is that "traditional" colleges aren't the only ones the account can be used for, in most cases. If your child or grandchild is thinking about trade school, for example, the money can still be used for shorter programs. The person does not have to go for a standard four-year degree to use that funding. In fact, a shorter program may even be better because a small fund may entire cover the cost, whereas it would have merely helped with the longer program.

The next thing you should know that the account can be altered. Do you have other heirs who do want to go to college? Just put the account in someone else's name. For example, perhaps an 18-year-old grandchild just announced that he's not going to college, but another child of yours just had a new baby. The fund can be switched into that young child's name, where it may continue to grow for years, making it even more valuable.

When any complications arise with trusts and other funds, you need to be aware of all of your options in New York.

Source: Schwab, "529 Accounts: What Happens When Your Child Doesn't Go to College?," Carrie Schwab-Pomerantz, accessed Dec. 11, 2015

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Blog Feed


Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map


Call us now for a free, 100% confidential consultation: