The Program will accept the following types of documents, if submitted in good order, to demonstrate that an individual has legal authority to establish an Account acting as the Designated Beneficiary’s Authorized Legal Representative:
Parent: Designated Beneficiary’s Birth Certificate or adoption order
Legal Guardian: a valid court order or other documentation establishing legal guardianship of person or estate
Other Fiduciary (for example, a trustee or an agent acting under a power of attorney (“POA”) for the Designated Beneficiary): a Power of Attorney instrument (such as our Limited Power of Attorney form) or a Trust Agreement
A Texas power of attorney must:
- be in writing;
- be signed by an adult beneficiary who has legal capacity;
- designate one person to act as attorney in fact or agent (no co-agents but successors allowed);
- grant the agent the authority to act in place of the Designated Beneficiary regardless of whether the term “Power of Attorney” is used;
- grant the agent the authority or power to manage the banking and other financial institution transactions of the Designated Beneficiary or specifically, the Designated Beneficiary’s Texas ABLE Program Account;
- if a durable power of attorney, it must also contain:
- “This power of attorney is not affected by subsequent disability or incapacity of the principal” and
- be notarized.
If you prefer, the Designated Beneficiary and Authorized Legal Representative may execute the Texas ABLE Limited Power of Attorney form which is acceptable to the Program as it addresses each of the above bullets.
NOTE: A power of attorney instrument executed in another state must comply with the laws of that state.
A Texas trust agreement must:
- be in writing;
- identify a trustor who intends to create a trust;
- name the Designated Beneficiary as the only person intended to be the beneficiary;
- appoint one person as trustee authorized to manage the trust property (no co-trustees but successor trustees allowed);
- have the Designated Beneficiary’s Texas ABLE Program Account as the sole trust property;
- not authorize or grant the trustee gifting authority or any beneficial interest in the Designated Beneficiary’s Texas ABLE Account and
- be signed by trustee and trustor.
- NOTE: A trust agreement executed in another state must comply with the laws of that state.
Failure to provide documents requested by the Program in a timely manner may lead to suspension or closure of the Account.