Delaware Code Title 16 Sec. 9605A – The Program
(a) An account may be opened by:
(1) The eligible individual.
(2) A person selected by the eligible individual.
(3) If an eligible individual (whether a minor or adult) is unable to establish his or her own account, the eligible individual’s agent under a power of attorney or, if none, by a conservator or legal guardian, spouse, parent, sibling, grandparent of the eligible individual, or a representative payee appointed for the eligible individual by the Social Security Administration, in that order.
Terms Used In Delaware Code Title 16 Sec. 9605A
- Account: means an individual account, a trust account, or a savings account established in accordance with the provisions of this chapter. See Delaware Code Title 16 Sec. 9602A
- Account owner: means the designated beneficiary. See Delaware Code Title 16 Sec. 9602A
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Eligible individual: means a resident of any state who is:
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Program: means the Delaware Achieving a Better Life Experience Program established by this chapter. See Delaware Code Title 16 Sec. 9602A
(b) Any person may make a contribution to an account once an account is opened.
(c) Contributions to an account shall be made only in cash, except where otherwise permitted by the federal ABLE Act.
(d) Separate records and accounting shall be required by the Program for each account and reports shall be made no less frequently than annually to the account owner and the designated beneficiary.
80 Del. Laws, c. 34, § ?1; 70 Del. Laws, c. 186, § ?1; 83 Del. Laws, c. 293, § 2;