Banks - MILs

[Annon123]

Hello!, my son was born in 2016.

My MIL for a first Christmas gift, set up a bank account in his name (using his birth certificate) but registered everything else to do with the account in her name and address. All paper work goes to her.

At the time, I didn’t think much of it and put the money he was given when he was born into that account.

Fast forwards now nearly 9 years, that same woman does not have anything to do with us or my children. (She’s a very self centred woman who has cut herself off from everyone because our lives do not revolved around her). She’s not been in contact with any of us for going on 2 years now. No drama, she just decided she didn’t want any of us anymore.

Which has had me thinking recently..
after my PND has settled we set up our our accounts for the children - we didn’t trust her.

As for the money in that account she made for my son - if she cancelled the account will the money go back to her?
Or will the account stay dormant with whatever is inside it until my son comes of age?

How much money are we talking about? Is it enough to make it worth the hassle of having any interaction with MIL again? How likely is she to swoop back in with some drama when your son is 18?
Personally, I'd forget about it for a quiet life, and if your son ends up with some bonus cash as an adult, happy days.

I had control of my dch's accounts until they were 16. I could've withdrawn it before then and done what I liked with it. I think you might have to forget about this, unless you're talking about an amount that makes it worth trying to revive your relationship with her.

Not enough to warrant fighting for, around £200. (I was meant to include this info)

She’s unlikely to make contact again, thankfully.

I was just curious as to what would likely be case for the account.

Unfortunately the bank told us when we deposited the money we wouldn’t have any control it would all be down to her. (I don’t know if that has changed at all) this is because it’s all set up through her.

£200? I wouldn't have given this a seconds thought either way.

Are you building up a nice little nest egg for him yourself? Focus on that perhaps.

Yes, may only be £200. But that is still quite substantial.
It could be a block of driving lessons? A theory test? Driving test? All sorts.

it may not be much to some people but it’s a lot to me.

That’s only the money we put in, I know in the account last time I saw the accounts there was more than that.

yes, we have our own nest egg for him.