Transfer GI Bill

In regards to transferring the GI Bill I just want to clarify a couple things:

1. If you don’t serve the 4 year obligation after transfer the benefits can no longer be used by dependents correct? You can still get out before the 4 years, you just loose the transfer?

2. If you did get out before or if your dependents didn’t end up using the GI Bill do you have to revoke the transfer on millconnect? Can this be done after active duty?

3. Transferring one month to each dependent is the best way to do it correct? Until we know who’s using it.