Ken Coleman

So what is your question today specifically?

Well, as they, you know, a nine-year-old doesn't have any assets.

A 12-year-old doesn't have any assets.

So as they get of age of 18 or 21 and those accounts go into their names, that's when I would say, hey, let's now set them up with their own wills.

Exactly, because right now you still maintain the management of that account, of both of those accounts.

And so if something did happen to you or your spouse, well, you have in your will, here's what happens, here's the beneficiaries on all of these accounts, and so all of that is already in place.

And with your trust, you can set those up to say, hey, at 21, here's what we want to do for each kid.

At 30, here's what we're going to do for the kids.

So you can set that up how you wish in the trust, but there's nothing else to do.

You guys have done a great job.

I mean, obviously it's, quote, overfunded, but you can always change the beneficiary on the 529 plan to someone else in the greater family.

Okay.

Well, that's good to know.

They could use it for their kids and their kids.

So you've kind of created generational wealth that way, which is amazing.

So I would look into the laws of how soon you have to use that money.

There's some new things with the Secure 2.0 Act where you can transfer a portion, $35,000 total over to a Roth IRA.

So there's a lot of things you can do there.

I would definitely, I hope you have a trustworthy investment professional in your life.

If not, go to ramseysolutions.com and get connected over there.