My (then) husband and I established a 529 plan for my child in 2003. Divorced in 2006. Ex Husband has disappeared, owing over 40k in child support arrears by the time my current husband legally adopted him in 2012. (As he is not located in my state, attempts to collect arrears amounts have been entirely unsuccessful.) I have just recently found documentation for the plan and would like to have my ex husband removed as the account holder. I have been told by the plan that I can only have myself named the account holder at the request of my ex husband. 1. He is not accessible 2. Were I to find him and make him aware of the account, I am positive he would liquidate it for himself. What legal remedy do I have to get the account holder changed so that I can preserve this benefit for my child?
Hi Jess. So sorry that you are caught up in a mess. On the surface, the information you received from the plan sounds very much in line with other 529 plans. Your best best will be to contact a lawyer in your state to find out what legal remedies are available to you. This question is beyond the scope of of a financial planner.
Your ex has been missing in action for a while with no recent support payments, and your child has been legally adopted by your current spouse. It appears that he has implicitly and voluntarily forfieted his parental rights. A family law attorney can probably arrange to have him removed as a a parent/guardian due to his prolonged absence from his child's life.