If I cancel my flight and have funds then in my account to rebook another flight, can I use those funds to book a flight for a different person, or would the ticket have to be in my name?
I have done this a few times. When you cancel you have a credit and can spend it on flights for anyone. I have used the credit to pay for MIL and FIL before.
All you need is the original confirmation number and the last name of the original party and you can use those funds to purchase tickets for anybody at a later time.