An account owner may change the designated beneficiary so long as the new designated beneficiary is a member of the family, as defined in § 529 of the Code, A.R.S. § 15-1871(8) or both, of the previously named designated beneficiary. The account owner must certify and provide to the financial institution the name, address, social security number, and relationship of the new designated beneficiary to the previously named designated beneficiary on a form prescribed by the financial institution and approved by the Treasurer. The change shall be effective upon the financial institution’s receipt of such certification.

Historical Note

New Section R2-13-203 recodified from Section R7-3-503 at 27 A.A.R. 1656, with an immediate effective date of September 23, 2021; Section R2-13-203 repealed, new Section R2-13-203 renumbered from R2-13-204 and amended by exempt rulemaking at 27 A.A.R. 1650, effective September 28, 2021 (Supp. 21-3).