Am I allowed to change the beneficiary? Yes, you may change the designated beneficiary (child). For example, you may need to change the beneficiary if the current beneficiary has completed his/her education and there are funds remaining. The only stipulation is that the new beneficiary must be an eligible member of the family. All beneficiaries must be under the age of 18 to have an Educational IRA. However, the age 18 limitation does not apply to a beneficiary with special needs.
