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Who Can Open an Account?

Eligible Individual is Over Age 18

Has Legal Capacity

If the Eligible Individual has legal capacity, they may open their own account.

If the Eligible Individual has legal capacity and wants another person to be able to transact on the account as well, they can name an Authorized Agent. For more information, view our Plan Disclosure Documents.

Lacks Legal Capacity

If the Eligible Individual lacks legal capacity to act on his/her own behalf in financial matters, or if the Eligible Individual has capacity and does not want to open their own account, an Authorized Individual may open and manage the account on behalf of the Account Owner. No documentation is required; however, Authorized Individuals must certify under penalties of perjury that no other person with a higher priority is willing or able to act as an Authorized Individual, and notify IAble if their authority expires or is removed.

The list is as follows:

  1. Power of Attorney

  2. Conservator

  3. Spouse

  4. Parent

  5. Sibling

  6. Grandparent

  7. Representative payee appointed by the Social Security Administration

Eligible Individual is Under Age 18

A parent or individual with Financial Authority can open the account on their behalf. 

There is no requirement to submit documentation to prove that you have Financial Authority to act on behalf of the Account Owner. For more information, view our Plan Disclosure Documents.

Under all circumstances, the Eligible Individual with a disability is always the Account Owner and the beneficiary of the IAble account.

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