Glossary of Municipal Securities Terms

DESIGNATED BENEFICIARY

A term used in connection with an ABLE account and a 529 plan account. For an ABLE account, the designated beneficiary is the account owner and the person named as the individual for whom qualified disability expenses may be paid from amounts invested in a particular ABLE account. For a 529 plan account, the designated beneficiary is the person named as the individual for whom qualified higher education expenses may be paid from amounts invested in a particular 529 account. See: ABLE PROGRAM529 PLAN; 529 SAVINGS PLAN.

Last updated: February 23, 2018

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