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Original poster

Help! Son must not have access to child trust fund

402 replies

Comingup · 17/10/2021 20:34

My son will be 18 soon and is addicted to weed, he is aggressive and abusive. Can anyone tell me what actually happens when18th birthday comes up? Do they write to the child? Can I stop it from maturing or whatever it does. I am really panicking as I have had a massive altercation with him where he admits spending a fortune every week on weed. I plan to ring the company but after tonight don't think I will sleep at the thought of him having any more money to harm himself with.

OP posts:
NotDonna · 17/10/2021 21:11

Is it a child trust fund or did you transfer it to a junior ISA? Either way both belong to your son at 18 and it’s his money regardless. I think a child trust fund account may just send him a cheque. However with a Junior ISA it’s often automatically transferred to the investment company’s ISA, so could be saved for him until a later date. It’s legally his money to do as he wishes. But if you can let them know you want them to do that then at least it’ll be safe until he’s stable. You withdrawing it would be illegal and although transferring would be deceitful it is still in an account in his name and is legally his but you could continue to keep quiet about it. Having said that, he may need to sign forms permitting the transfer.

Skysblue · 17/10/2021 21:11

The people saying ‘it’s his money’ don’t know what they are talking about.

Where a child’s trust is to be given to them at age 18, it is possible (and in fact common) to ask a court to postpone the age at which they get the money. So it could be changed and eg made age 21 or 25. This is not an unusual request and where this request is made, last time I checked English law had a presumption that it is better for the child to have to wait longer for the money. Ie it wasn’t for the adult to prove why he shouldn’t get the money it was for the child to prove why he should. But this is not legal advice etc.

The person you want to ask is a solicitor who knows about trust law. It is possible, certainly, particularly in the situation you describe.

HalfCakeHalfBiscuit · 17/10/2021 21:14

@Skysblue

The people saying ‘it’s his money’ don’t know what they are talking about.

Where a child’s trust is to be given to them at age 18, it is possible (and in fact common) to ask a court to postpone the age at which they get the money. So it could be changed and eg made age 21 or 25. This is not an unusual request and where this request is made, last time I checked English law had a presumption that it is better for the child to have to wait longer for the money. Ie it wasn’t for the adult to prove why he shouldn’t get the money it was for the child to prove why he should. But this is not legal advice etc.

The person you want to ask is a solicitor who knows about trust law. It is possible, certainly, particularly in the situation you describe.

I am afraid you don't know what you are talking about. Child Trust Funds automatically transfer to the child when they are 18. It cannot be postponed.
ejhhhhh · 17/10/2021 21:14

I agree with the PP that savings and investments in a child's name are a really really bad idea. Unless the parents are really wealthy and are maxing out their tax free savings and investment allowances every year, there is 0 benefit to an investment in a child's name. It's much better to have all savings in the parent's names, then give from that as appropriate later. We have a bit of cash in Children's savings accounts for our two, but it's a relatively small amount and can be part of learning to manage money when they're 18, if they blow it all it's not the end of the world. No way would I be happy with my kids having unfettered access to thousands at 18. I know that doesn't help the OP now, but is a good lesson for those of us with younger kids.

2pinkginsplease · 17/10/2021 21:15

My teen got a letter from the trust fund company to say you have x amount and can decide what to do on your 18th birthday.

I’m not sure you can stop him getting it.

CiaoForDiNiaoSaur · 17/10/2021 21:16

The child trust funds couldn't be saved in parents names though could they?

HalfCakeHalfBiscuit · 17/10/2021 21:16

Interesting the number of posters saying 'hide the post' or similar. So advocating stealing from their child. Not really a good example to set

Bythemillpond · 17/10/2021 21:16

If he doesn’t know about it I wouldn’t tell him.

Legal or not I would intercept the letters

Personally I think if he is off his head on weed a lot of the time I would say he isn’t of sound mind.

Never had a trust fund of any sort and Ds was born a few months too early for the government £250 trust fund but if someone is a drug addict then I would have thought there must be a clause whereby the person isn’t capable of looking after their own finances

Where did he get the “small fortune” from to spend on weed in the first place

User57327259 · 17/10/2021 21:16

I was going to put some money into a child's Government Trust Fund but I could not be given any details of the account due to confidentiality. I decided to open an account in my own name which would be savings for that child. It was a good idea to give children Trust Funds but no thought went into the problem that a child might be involved in drugs or drink long before they became 18.

The account I have is known to my solicitor and also my Executor to be for that child if I do not live until the 18th birthday. The money is for education or house deposit not drugs or any such situation.

PackedintheUK · 17/10/2021 21:18

I agree. The only money in DC's names is that which they have saved themselves from pocket money and birthday presents. Anything we've saved is in our names and will be given to them if/when we see fit.

The government fund was designed to be a leg up for children whose parents were unable/unwilling to save for them though (although it was given to everyone). It would have defeated the object to put it parents' names, which is why it wasn't possible.

Poppyliveshere · 17/10/2021 21:18

@HeartsAndClubs

It may not be an issue anyway. DN turned 18 recently and rang whatever line it is you have to talk to and was told all the funds closed 2 years ago and there is no way of accessing them any more.

I don’t know anyone else who has one, but I do know that he’s been told by the gov team that he won’t be given any money.

This isn’t true at all….several companies changed over including my sons, but he now has access to this under the new company. It would simply be theft just to keep the money, as some families will have also paid in to top it up. That doesn’t just vanish because a company closes!!
Bythemillpond · 17/10/2021 21:19

HalfCakeHalfBiscuit

Interesting the number of posters saying 'hide the post' or similar. So advocating stealing from their child. Not really a good example to set

In what way is it stealing.
No one is suggesting that op cashes the money in. It is still there for him when he turns his life around.

HopeClearwater · 17/10/2021 21:19

@HeartsAndClubs this is simply incorrect.

OddBoots · 17/10/2021 21:19

I'm not sure hiding the letter will help, my DD not long turned 18 and her group of friends have been talking about what they got in the CTF and what they are doing with it. Hiding his post will just worsen communication between you.

FlorenceWintle · 17/10/2021 21:20

@CiaoForDiNiaoSaur

The child trust funds couldn't be saved in parents names though could they?
No but just don’t add to it, put savings somewhere else in your own name. Then whatever the CTF is worth at 18, at least it’s not your hard-earned cash, just whatever the original awarded amount has matured to.
rozzyraspberry · 17/10/2021 21:20

My ds also got just over £1k. I think it was £250 at birth, then another £250 at age 7 before it was scrapped.

Having been appointed as legal guardian by the office of the public guardian for my mother who suffers from dementia, I can tell you this is a long drawn out and detailed process. There’s no way this would be granted unless someone was truly incapacitated.

Cocomarine · 17/10/2021 21:21

I really feel for you 😕 this is exactly why I haven’t added anything.
I’m sure it was a vote winner…
But I’d love to see a wide scale survey of how many people were prompted to save for their child by it - who wouldn’t have saved anyway. And also how many burned through it on luxury spending 😕

gogohm · 17/10/2021 21:22

You would need to prove he lacks capacity - does he?

CiaoForDiNiaoSaur · 17/10/2021 21:23

@FlorenceWintle oh that makes sense. I've never added to DCs anyway.

Jesusstolemyhotrod · 17/10/2021 21:23

Ds started with 250.... and at 13 still has 250. We started a separate account for him.

Suzi888 · 17/10/2021 21:23

Intercept the post Blush. I would.

This is why I haven’t set one up, I was 21 and all I wanted was a Ford Mustang! No way would trust a young adult with a substantial sum of money.

pianolessons1 · 17/10/2021 21:23

Don't tell him and make sure you always get to the post first.

gardeninggirl68 · 17/10/2021 21:24

@HalfCakeHalfBiscuit

Interesting the number of posters saying 'hide the post' or similar. So advocating stealing from their child. Not really a good example to set
my ds got an initial email.
megletthesecond · 17/10/2021 21:28

Hide all the letters. Get your mail redirected.

This is my worry about CTF's. Really bad idea letting kids have it at 18. It should have been 21.

gardeninggirl68 · 17/10/2021 21:28

all 18 year olds will be on the alert for it....its all they talk about!

my ds and his mates spent many a happy hour plotting ways to spend it!

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