If an investment account has been set up for your child under the Uniform Transfers to Minors Act, you may want to consider transferring the funds to a 529 account.
Custodial accounts for minors under the Uniform Transfers to Minors Act, sometimes called UTMA accounts, offer a convenient way to manage investments for a minor who has received financial gifts or accumulated substantial savings. Parents or others acting as custodians for these accounts sometimes wonder whether the money can be moved to a 529 account to achieve tax savings or other benefits. The answer: this is indeed possible, but there are many issues to consider. We have a series of articles dealing with the subject in our guide to UTMA accounts.
details: UTMA Transfer to a 529 Account