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URL:  http://boards.fool.com/in-fact-its-clear-that-if-the-beneficiary-dies-30879972.aspx

Subject:  Re: 529 Plans and Gift Taxes Date:  9/20/2013  2:40 PM
Author:  reallyalldone Number:  119179 of 121482

In fact, it's clear that if the beneficiary dies, the account is included in his/her estate. [Generally not an issue, except for the wealthiest of students.]

Hypothetical then -
Grandparent is the owner; beneficiary dies while grandparent is still living. This means that grandparent no longer has the option to change beneficiary because the account is now part of the original beneficiary's estate ?
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