tax free Money aside and you can use only for any kind of education related.

One can use the college funds outside Georgia as well as long as the college is accredited.

The money can be transferred to first cousins and grand kids if not used by your kids.

If for some reason you can’t cannot use the funds you can take them out and you have to pay the penalty and tax on the earnings only.

If your kid qualifies for scholarship  each scholarship is different and has their own criteria so it really depends on what kind of college scholarship you are applying for.

if you are applying for financial aid type it may be considered an asset but if you are applying for academic excellence type this should be fine.

As far as accounts you have to open accounts  owner and kids will be beneficiary