Who Can Open an Account?
You can open an account for yourself if you are an eligible individual, at least 18 years of age and have the legal authority to do so.
If the eligible individual does not want to open their own account or does not have the legal authority to act on his/her own behalf in financial matters, an Authorized Individual may open and manage the account on behalf of the Account Owner.
The following outlines what is necessary to become an Authorized Individual in certain situations:
Account Owner is Under Age 18
A parent or guardian can open the account on their behalf.
Account Owner is Over Age 18
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 lacks capacity and there is not a conservatorship, a parent can open an account as long as they have guardianship. As a parent, you must provide guardianship paperwork and the Account Owner’s birth or adoption certificate to open an account on their behalf.
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, ranging from only receiving statements to full Power of Attorney over the account.
The eligible individual with a disability is always the Account Owner and is the beneficiary of an IAble account.