Can you tell me what you think about this.. I badly need the Mumsnet Jury...
Back in 1993 my Grandad died. Out of his (small) estate, he left DS (the only child I had back then) ?250 which was put into a trust account with the Woolwich. The account was/is in my name but with his name on it. He can't touch the money until he is an adult. (I know it's not a fortune but it will have growing all these years.)
In 1992, the Woolwich became a PLC and everyone with an account at that time was entitled to claim shares within a three year period. The amount generated by this account was 450 shares. We did not receive a letter about these shares at the time (it would have gone to a previous address) so knew nothing about it.
Because they were not claimed within a 3 year period, these shares were sold at ?3.57 each, generating a sum of ?1,867.50. Today, out of the blue, I have received letter from a company employed by the Woolwich to trace the people who they owe money to, due to the sales of the shares.
So... my son's money remains in the Woolwich trust account, untouched and growing... and this money, legally, belongs to me because mine is the first name on the account. I just rang the helpline to find out what we have to do next and during the conversation I asked "So is this money, generated by the sale of the shares, technically mine or my sons?" He said it's legally mine.. but what I do with it when I get it is up to me.
DH and I have been discussing this. Financially, we don't have a pot to pee in, (no fault of our own/curcumstances due to disability etc) and this ?1700 odd (they take 10% as a service charge) would be more handy than I describe, especially as we have a house move coming up (also due to the disability issue) and a LOT of expense to handle. But I keep thinking this is my son's money.. (he is now 14).. even though his money, left to him by my grandad, is still safe and untouched.
I rang my mum (daughter of grandad in question) and she said "Gramps would want you to have it, especially in the circumstances" and I can see what she is saying, he would be pleased as punch to know that DS's little nest egg that he left him had produced THIS much larger, separate nest egg all these years later, and would probably want me (his only Grand daughter) to benefit.
But it still feels like DS's money. DH and I have thought maybe we would halve it.. put half away in DS's savings account.. and wisely spend the other half on some of the many things we need for our move..
What do you think?