Yes. This allows for all children to attend private school or college contemporaneously. One account applies to one beneficiary. One account may not be used for multiple expenses at the same time. If one child is finished with college (or quit or whatever the case may be, and are no longer attending), then another child may become the beneficiary after transferring the account to them, and then paying for the education expenses (including private school and college). It's easier and doesn't create conflicts of time to have a 529 plan opened for each child. This can also create a scenario of fairness in contribution amounts to each child's 529 plan account.