Who Owns the Account?

The beneficiary is the owner of the account, and an account may have only one owner. An Authorized Legal Representative may transact business on the account, but cannot have or acquire any beneficial interest in the account during the beneficiary’s lifetime and must administer the account for the exclusive benefit of the beneficiary. Contributions by anyone other than the beneficiary made to an account become the property of the beneficiary.

One Account Rule

A beneficiary may have only one ABLE account (the “one account rule”) except with respect to pending rollovers and program-to-program transfers. A prior ABLE account that has been closed with a zero balance does not prohibit the subsequent creation of another ABLE account for the same beneficiary.