It's as simple as changing the name of the account's beneficiary to someone else in the beneficiary's family - one of your other children, or a first cousin, perhaps. In addition to college expenses, up to $10,000 per year per beneficiary from all 529 accounts can be used to pay for the beneficiary's tuition in connection with enrollment or attendance at an elementary or secondary, private, public or religious school. So, you might want to name a grandchild as the new beneficiary. You could even name yourself and use the funds for training, either in your current career or as a way to begin a new one.