Since IAble’s inception in February of this year, we have received many questions regarding parent and guardian access to IAble accounts. With IAble, a savings program for persons with disabilities, a parent or legally appointed person can open and manage an account on behalf of his/her child or dependent, if certain conditions are met.
The Account Owner, known as the Eligible Individual, may designate an Authorized Individual to open and act on his or her IAble Account. This Authorized Individual may act on the Account Owner’s behalf with respect to the Account if:
- The Account Owner is not able to exercise signature authority over the account, OR
- The Account Owner has legal capacity, but has granted another person power of attorney.
If you are the parent of an Eligible Individual who is under the age of 18, you may enroll as an Authorized Individual during the enrollment process and do not need to provide additional documentation. If you are a court appointed guardian or conservator of an Eligible Individual who is under the age of 18, you may enroll as an Authorized Individual during the enrollment process and may be asked to provide documentation that grants you the authority to manage an ABLE account on behalf of the Account Owner.
If you are the parent or other legally appointed person of an Eligible Individual who is 18 or older, you may enroll as an Authorized Individual during the enrollment process if you have documentation showing you are able to act on behalf of the Account Owner in financial matters. You must provide the appropriate documentation before you will be allowed to establish the account. Because each state has different laws regarding substitute decision making, IAble will review documents for non-Iowa residents based on the laws of the state in which that document was issued. Please note: a guardian appointed by an Iowa court typically only has authority to make decisions over the physical person, not over the person’s property. Therefore, a guardian in Iowa typically does not have the authority to become an Authorized Individual.
The following outlines what is necessary to become an Authorized Individual in certain situations where the Eligible Individual is 18 or older:
- If the Account Owner lacks capacity, you must provide the appropriate authorizing documentation showing you are able to act on behalf of the Account Owner in all financial matters. A conservator appointed by the court for an Eligible Individual must provide a copy of Letters of Appointment by the court
- If the Account Owner has legal capacity but has granted another person Power of Attorney, you must provide a copy of signed Power of Attorney forms that address the ability to act on financial matters.
- If the Account Owner has legal capacity and wants another person to be able to transact on the account as well, the Eligible Individual can name an Authorized Agent. There are four levels of access that can be granted, from receiving statements only to full Power of Attorney over the account.
For more information about IAble, please visit IAble.gov
or call us at 888.609.8910.