What you need to know about acting on behalf of an Account Owner
Authorized Individuals often play a vital role in IL ABLE Accounts. They can open IL ABLE Accounts for eligible children and adults who are not able to open and manage the Account for themselves. Additionally, Account Owners with legal capacity may select an Authorized Individual to manage their Account.
What is an Authorized Individual?
An Authorized Individual is a trusted person or organization that has legal authority to manage an IL ABLE Account on behalf of an Account Owner, and that commits to always administering the Account for Account Owner’s benefit. Federal law prohibits Authorized Individuals from acquiring any beneficial interest in an IL ABLE Account during the Account Owner’s lifetime.
Under new federal regulations, the list of those who can be an Authorized Individual has expanded. The list of possible Authorized Individuals includes (in order of priority):
- Agent under power of attorney (person or entity)
- Guardian or Conservator (person or entity)
- Spouse
- Parent
- Sibling
- Grandparent
- Representative payee appointed by the Social Security Administration (person or entity)
Can there be more than one Authorized Individual on an Account?
Yes. One person or entity can designate themselves as an Authorized Individual during the enrollment process. This Authorized Individual will be the primary contact for the Account. If another person wishes to serve as an Authorized Individual, they can add themselves after an IL Account is open.
Additional Authorized Individuals must be at the same priority level in the above list of possible Authorized Individuals. All Authorized Individuals will be required to identify themselves as a member of the hierarchy and to certify, under penalties of perjury, as to their authority to act on the Account. Please see the Plan Disclosure Booklet, page 23, for detailed information about the role of an Authorized Individual.
How do I add myself to an IL ABLE Account as an Authorized Individual?
Download, complete and submit the Add an Authorized Individual Form to the IL ABLE Plan.
To learn more about the list of priority for Authorized Individuals and who can open an IL ABLE Account, visit illinoisable.com.
Questions?
If you have any questions about Authorized Individuals and the Account, please call customer service, Monday – FRIDAY, 8 AM TO 5PM AT 1-888-609-8683.
You can also submit questions to able@illinoistreasurer.gov. We will do our best to answer them in future issues of accessABLE News & Updates.
For more information about IL ABLE, visit illinoisable.com and read the updated Plan Disclosure Booklet.