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 the Plan of the Account Owner’s passing. 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 AccountOwner’ss 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 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.
Learn More About IL ABLE
Learn what an IL ABLE disability savings Account is, who is eligible, how to open an Account, and how it can help you save for qualified disability-related expenses while protecting important benefits.
- Visit the IL ABLE website
- Review the Plan Disclosure Booklet
- Explore IL ABLE Investment Options
- Open an IL ABLE Account online
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.