Under many 529 plans, you can be both the owner and beneficiary of the account. This can be useful if you are older and plan to attend college or graduate school in the future, or if you are planning for your future children. However, you may lose the estate tax benefits of a 529 plan by naming yourself as the designated beneficiary. And some plans don't allow the owner and beneficiary to be the same person, so check the terms of the plan you're considering.