You should consider leaving the account open after post secondary education is finished, as there remain many benefits.
Decision tree — What to do AFTER graduation?
- Does the beneficiary have siblings, nieces/nephews, or others the owner wishes to continue helping with education costs? Consider leaving the account open for any continuing contributions, then transferring funds to others as you desire.
- Could the beneficiary use the remaining funds for licensing, credentialing, or continuing education in the next years? Consider leaving the account open or continuing contributions.
- Do you the owner or the beneficiary emergently need the funds? Consider cashing out the majority, but leaving the account open with a minimum balance.
No statement or example on this site should be considered a specific recommendation for your personal situation. Investing and tax strategies each carry significant risks. Examples herein may not apply to your situation. Please consult your estate attorney, tax advisor, or financial advisor for personal advice.