UGMA transfer to 529 Plan Question

[questions]

My two children have some money in a UGMA that was a gift from a grandparent, I am the custodian named on each of the accounts. If I transfer this money to two 529 plans to use for each child's education, will I be the owner of the 529 plans with each child as the beneficiary? Or does each child have to be the owner of the 529 plan since the money is coming from a UGMA? I believe that the owner of the 529 account is important when colleges figure out how much money the family/child is expected to contribute to college costs, so this seems to be important.

[bjl584]

I found this link:

Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA): The Basics

And this one:

529 Plans: The Basics

It is possible to transfer a UGMA to a 529. From the information in the link, the money becomes the property of the child once they reach a certain age, it looks similiar for a 529. The main difference seems to be that the 529 has to be used for college, but the UGMA does not.