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Original poster

Child trust fund should we split it?

27 replies

Izzabellasasperella · 26/10/2019 02:35

Ds(16) has a child trust fund(goverment funded savings account) It has around £1,200 in it. Dd(19) was born before the scheme was started so doesn't have one.
Unfortunately over the years we never had the money to put in a savings account for dd or to add to the trust fund for ds ( no family contributions either)
So my question is should we split the money between the two teens? Well technically the money belongs to ds, but we could suggest it. Or should we say nothing and let ds do whatever he likes with it?
I would love to be able to save the equivalent for dd in the 2 years before he can access it but we probably won't have the spare cash.
Wwyd?

OP posts:
FridalovesDiego · 26/10/2019 03:14

Split it.

ShippingNews · 26/10/2019 03:18

I'd split it. You put the money in, you can decide how it is distributed. I'm sure that if the trust fund was available at the time, you would have had one for DD ,so split it , otherwise it would be grossly unfair to DD.

Mintjulia · 26/10/2019 03:34

You won’t have access to it. The account is in your child’s name and only he can withdraw the money. He will have to prove identity etc.
So you can suggest it but it will be up to him to choose.

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Enb76 · 26/10/2019 03:36

You can only split it with the agreement of your son. It’s not your money, it belongs to him.

BalloonSlayer · 26/10/2019 08:32

How come it's £1200?
Are you in the UK?

GrumpyHoonMain · 26/10/2019 08:35

If you never contributed into your son’s trust fund then no you shouldn’t split it and have no right to even suggest it. Make it up to your dd in other ways.

Sunshinelollipops1 · 26/10/2019 08:36

It’s not your money. The money will go to your DS. It’s for you son to decide if he decides to split it. I wouldn’t pressurise him. What happens in the future if things work out better for your DD (better job etc), will you suggest she gives money to DD?

Do you have any free cash now? Is there any way you could match the money over the next few years?

Simonsaysitschristmas · 26/10/2019 08:38

You should explain to your son and tell him when the time comes you expect him to split it with his sister. It would be ridiculously unfair for him not to do so, and I’m sure he will understand that and be happy to split.

LittleMissEngineer · 26/10/2019 08:44

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

subwaysaladfan · 26/10/2019 08:44

My son has £1800 in his (we've never added to it either) he can get his out next October. Dd is 10 months older than him and just missed it too. He has a younger sister (15) that also has a child trust fund,so elder dd is the only one that didn't get one. It's never occurred to me to split them with dd Confused I just assumed that it's tough luck really.

DisneyMadeMeDoIt · 26/10/2019 08:45

It’s totally your sons call I’m afraid so it’s not your decision at all.
You could suggest it to him but realistically this could cause friction! Especially if DD wants the £600!
I personally wouldn’t push him or shame him to do it. It’s probably the first thing that will have properly been ‘his’ and you may find he’s very reluctant to lose half.
Yes it’s not ‘fair’ on DD but life isn’t fair 😂🙈 my sibling had a tryst fun large enough to buy a house cash! - I got nothing - simply luck and circumstance I’m afraid!

Sunnyuplands · 26/10/2019 08:46

It's not your choice it's legally in sons name... Out of interest how did it grow to 1200?

I think you should have thought of this before.

Skyejuly · 26/10/2019 08:49

My son was born 2004 he got 500 and then another 250 from government.

Original poster
Izzabellasasperella · 26/10/2019 09:02

I totally know its not my money it belongs to ds.
I am in the UK. The amount is not the exact figure.
Quite divided opinions.
I would never pressure ds into sharing but if we did suggest it I know he would say yes because he is a very kind hearted boy.
I think the scenario where if dd had a good job is different. This trust fund hasn't been earnt, ds got lucky, dd did not because she is a few years older.
It's not a huge amount I am just trying to gauge opinions.

OP posts:
Alarae · 26/10/2019 09:11

I've seen this scenerio mentioned a few times and while morally parents want to split the money, it's not their choice to do so as legally it belongs to one child.

All you can do is ask him when the time comes. I also would not mention it to your DD as she might pressure him to split/sour the sibling relationship if he does not, which unfortunately is his choice. It means if he does make the choice to split, then she will get a surprise windfall much like he will.

custardcreamthief · 26/10/2019 09:32

How is it so much? My eldest was born in 2007 and got 250 and 250. We've added to it here and there - sometimes only five pounds a month - and it is now over 1000. Our second child was born after it ended, and we just set up a small savings account and have been adding bits and pieces to it too. We're a low income family so it really is pennies at times, but it all mounts up

Toomanycats99 · 26/10/2019 09:36

@custardcreamthief

I have a vague memory that in some instances if you were low income you got more?

My oldest just got £250 I think. She got the first payment but not the second. My youngest just missed out on the first one as well!

MummytoCSJH · 26/10/2019 09:37

@ShippingNews the OP didn't put the money in, the government did as prt of a scheme. OP it's not yours to split. It's not your DS fault you couldn't save for your other children or that he was born when the scheme was around. I am one of 4 - I never had a trust fund, my 2 younger sisters do and my younger brother doesn't. One of my sisters is almost 18 and has way more in than the other (but on the other hand my other sisters has time to grow). It's just how it goes.

ImTheCaddy · 26/10/2019 09:40

DD got £1200 too. £600 at birth and then I think another £600 at around age 6?

Low income or benefits I think meant you got more.

BlouseAndSkirt · 26/10/2019 09:41

I would do my utmost to save for your Dd.

£3 a week over the time your Ds has had the fund would have given her an equivalent sum Sad

namechangenumber2 · 26/10/2019 09:49

I think it would be nice if your DS split it, but he doesn't have to.

My sons didn't both get a CTF due to ages. We're lucky that my parents wanted to save for them both - and have factored in the fact one DS was given the extra from the CTF ( so given slightly more a month to DS2) We couldn't have afforded to have done that, and I think if they hadn't I wouldn't have expected DS1 to have given DS2 any.

ExcitedForFuture · 26/10/2019 10:07

My eldest got the CTF and youngest just missed our. I put the £250 in myself to start it then have paid in equally to them both ever since. I can't understand how any parents in the same situation wouldn't do something similar even if you couldn't put the initial money in. It's not a great position to put your children in.

Enko · 26/10/2019 10:12

Dd3. H as a child trust her 3 older siblings doesnt. Doesn't mean we will share out her money. So to me no you don't split it

Winteriscomingfast · 26/10/2019 10:16

You can't

That is illegal. It belongs to the child who's name it is in.

Morally you shouldn't. It stinks.

cardamoncoffee · 26/10/2019 10:27

Does anyone know what will happen when they turn 18? Does the child just get a cheque, or how will it work?