It’s one of the questions asked most frequently about IL ABLE Accounts: “What happens to the IL ABLE Account when an Account Owner passes away?” While it’s not something anyone likes to think about, it is important to know what happens to an IL ABLE Account when an Account Owner passes away and what steps to take. And we have some answers.
These are the five things to know and do when an IL ABLE Account Owner dies:
- Call IL ABLE Customer Service at 888-609-8683 to notify Plan of the passing of the Account Owner. Instructions for next steps will be shared with the caller and a freeze will be placed on the Account.
- A copy of a death certificate must be mailed or faxed to the Plan.
- Only the Authorized Individual(s), or an individual with authority to administer the Account Owner’s estate may request withdrawals for payment of outstanding Qualified Disability Expenses (QDEs) or funeral/burial expenses. Requests must be received within 90 days of notification of the Account Owner’s death.
- Assets from the Account may be distributed after at least 180 days have passed since the date of the Account Owner’s death and:
- Any outstanding Qualified Disability Expenses have been paid, including funeral and burial expenses;
- Any state Medicaid recovery claims that have been filed have been paid.
- If there is a Successor Account Owner named on the Account, the Plan will notify the person or entity with the authority to administer the Account Owner’s estate.
If you have any questions, call customer service at 888-609-8683, Monday – Friday between 9 am – 5 pm and read the Plan Disclosure Booklet.
Learn more about IL ABLE at illinoisable.com and read the Plan Disclosure Booklet.