Who can open and invest in a ScholarShare Account?
Anyone with a child in their life, including parents, grandparents, aunt, uncles, and family friends. The account owner must be an adult or emancipated minor and a U.S. citizen or legal resident, demonstrated by having a Social Security Number or Federal Taxpayer Identification Number. A child can have a custodian as an account owner if the account is opened with the proceeds of an UGMA or UTMA account. There are no state residency requirements on a person’s ability to contribute to an account. and can take advantage of possible gift and estate tax benefits. Generally, anyone can make a contribution to a 529 account like ScholarShare for any beneficiary. However, there can only be one account owner per account and account owners control the distribution of assets. You should contact the 529 plan of your choice to determine any restrictions that may apply.
