Ask Social Security Questions and Get Answers ASAP
Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.
When a payee (you), who has conserved funds for a beneficiary, stops serving as the payee, the payee generally must return those funds and interest earned thereon to SSA. SSA will reissue returned conserved funds to a successor payee or to the beneficiary directly if he or she no longer needs a payee. Yes, SSA would turn the savings over to your sons.
SSA may permit a former payee to transfer conserved funds directly to a new payee or to a capable beneficiary rather than returning them to SSA if it serves the best interest of the beneficiary. SSA will allow such transfers on a case-by-case basis. This means you would need to show the SSA that your turning over the account to each of your children would be better so they could pay for their college needs.
You are most welcome.A positive 5 star rating is appreciated so I am credited for assisting.