Can husband access child's Premium Bond account if I die

[nibblethekibble]

Ok slightly strange one but please bear with me..

My children hold £100k between them in Premium Bond accounts - I've always planned to withdraw this before they hit 18 and then drip feed it over the years to come

They're currently 8 and 2 years old

I am the only parent linked to these accounts, but DH is their father and is named on their birth certificates

I have recently found out that he's an abomination with money, and have made sure to keep family money away from him as much as possible, while he seeks help

But anyway - if I die tomorrow, will he be able to withdraw the funds from the children's accounts?

PB website says you must be the child's parent and the account holder. But if I'm goosed and die unexpectedly tomorrow.. surely he can just apply to access the money?

I appreciate I've got really big problems here, but I basically need to ensure he can never get his hands on my babies' money

I would assume yes he could. You need a will. A formal will naming someone else as executor and give them the details of the accounts. If you don’t have an executor and will I believe he would automatically become it as he would be NOK. Are you still together?

My Will has been changed to name my parents as executors

We are together as in the same house.. he doesn't have access to a bank account anymore but obviously I am considering my options and hitting every panic button/scenario in my head - the latest being dying in my sleep, car crash etc.

I do not want him spending my children's future money. And he will. He most definitely will, if given the chance

Set up a trust fund for the kids in which he isn't one of the people named to manage it? Leave all your share of the house and savings to the kids via that trust fund too?

Sorry to hear of the difficulties you are experiencing with your husband.

Have you considered Junior ISA's? Not accessible at all until the child reaches 18, then full control by the young person of their account. You can put in £9K each year for each child.
Of course there are disadvantages and risks to this if your children turn out not to be financially responsible at that age.

I know Premium Bonds are a popular choice, but they are essentially a marketing ploy for an account that pays no interest. With £100K at current interest rates you would be missing out on about £62,890 worth of extra interest by the time your eldest reaches 18, on the off chance they might win a prize.

I would put the money into trusts for them, so in their names. We use St James Place. But check that he couldn't access that either!

Definitely take advice especially given the amount of money you are talking about.

By the way I think premium bonds is 16 rather than 18.

Hi I work in this area and deal with it daily unfortunately.

Ok so if you die yes he would be able to get access to these bonds.

The best thing you could do if you are worried is invest the money into an isa, trust fund or savings account in your CHILDRENS name. The accounts can only be closed by the children once they reach 18 or by your executor. Even when the accounts are closed by the executor they STILL can only be closed and payment made to the child. In their name because it is legally their money.

Why are you controlling your children’s money?

you’re basically saving a very big sum for them, then moving it into your own name before they can take ownership of it?

either save it in your name, or handover the accounts when they’re 18.

if they find out they had 100k+ in an account which you emptied just before they were able to access it, there will be rows.

either give it to your children, or don’t. But don’t give it then snatch it away.

Can't you just write a will leaving this money to your children? Your parents are executors so can presumably be trusted to make sure this happens.

On a separate note, if worrying about your husband stealing money from your children is a real issue I think you need to reevaluate your relationship in the very near future.

I know it's not what you asked but £100k in premium bond accounts is not a good i investment at all so please do move it to somewhere it will increase in value with interest over the coming years.