Frequently Asked Questions
Questions about Authorized Individuals, who manages account matters on behalf of the Account Owner.
An Authorized Individual manages all Account contribution, withdrawal, and maintenance matters on behalf of the Account Owner and for the Account Owner’s benefit. Applicable law prohibits an Authorized Individual from acquiring any beneficial interest in an ABLE Account during the Account Owner’s lifetime.
A person or an entity that has been appointed as a representative payee by the Social Security Administration can open and manage an LA ABLE Account for the benefit of an Eligible Individual so long as they can certify that there is no other person or entity with a higher priority on the list of possible Authorized Individuals that is willing and able to open and manage an LA ABLE Account for the Account Owner.
ABLE plans vary in the forms of documentation required for an Authorized Individual to open an Account on behalf of an Account Owner. Generally, an Authorized Individual opening an LA ABLE Account may self-certify as to the Authorized Individual’s relationship with the Account Owner. However, if the Authorized Individual is opening an Account on the basis that he or she is an agent under a power of attorney, then a written and signed power of attorney form conforming to requirements under Louisiana law must be submitted.
An Interested Party can be a person or Entity that receives duplicate Account statements and can access information about the Account by calling customer service. Interested Parties cannot transact on the Account or access the Account online.