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1. If the named beneficiary does not use the funds for higher education you may
A) Change the beneficiary to another beneficiary who will use the funds for higher education
B) Incur a 10% Penalty for withdrawals not spent on higher education
2. 529 Plans have an account owner, which I assume would be you and a beneficiary. I reviewed Wealthfront 529 plan and did not see why or where it is required to have a second account holder.
If you are in the state of Pennslvanyia you could use that states plan and you may receive a state deduction
Please let me know if you have any follow up questions
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