W. Va. Code R. § 112-20-9

Current through Register Vol. XLI, No. 49, December 6, 2024

Section 112-20-9 - Changing Designated Beneficiaries

9.1. An account owner may change the designated beneficiary of the account, as permitted by W. Va. Code § 18-30A-11(b).

9.2. Only an account owner may change the designated beneficiary of an account. The new designated beneficiary must be a member of the prior designated beneficiary's immediate family.

9.3. To change a designated beneficiary, the account owner shall provide all information to the board or program manager, as required by the board.

9.4. Upon receipt of the written request, the board shall register the information regarding the newly designated beneficiary in the records of the program. The change of the designated beneficiary shall be effective upon registration.

9.5. For state law purposes, a change in the designated beneficiary of a Jumpstart Savings account is not a distribution so long as the new designated beneficiary is a member of the prior designated beneficiary's immediate family, as required by this rule.

9.6. Any forms necessary for the changing of designated beneficiaries will be available on the website.

W. Va. Code R. § 112-20-9