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Original poster

do childrens savings count

53 replies

nametaken · 19/04/2009 18:48

If you have to claim benefits, and you have no savings yourself but you have childrens savings accounts with £6k each in, do you have to declare this money as your money.

Just a hypothetical question.

OP posts:
FAQinglovely · 19/04/2009 23:53

but surely they'll look at it as a total amount not invidiously (they are all my children )

Will try and make an appointment for CAB (will probably be lucky if I get one before the middle of next month)

KingCanuteIAm · 19/04/2009 23:55

oh, fair point, I don't know. I had assumed that it was 3K each but it probably is not...

Hmm, I feel really bad now I have rained doom and gloom on your evening, sorry

FAQinglovely · 19/04/2009 23:58

no don't feel bad - at least I know now - not 3yrs down the line.......

ChasingSquirrels · 20/04/2009 00:01

depends on how the trust is set up I guess, it may not be their money legally (because they can't have it until they are a certain age, because of lots of other things - I only know enought about trusts to be dangerous!).

I would talk to someone else before I spoke to Tax Credits - they won't have a farking clue.

FAQinglovely · 20/04/2009 00:03

Chasing - it's nots TC's that I'd thought of - although I guess it could affect that too? It as my IS/CTB/HB

ChasingSquirrels · 20/04/2009 00:06

sorry didn't go back re exact benefit, but whatever - I would find out before I mention it to someone on the end of a phone who wouldn't have a clue and could stop your payments.

My mum does CAB, she only works Wednesdays - but do you want me to ask her to have a look on their system to see what she can find?

KingCanuteIAm · 20/04/2009 00:07

Who are the trustees? Perhaps you could talk to them and find out how the trust is set up? If the money is in (for example) an account with your Mothers name on it but which she cannot touch without the relevant signature from the DC once they are over 21 then I would suspect you are in the clear. If it is set up in a savings account in the DC name it would (possibly) count IYSWIM.

Let me guess your parents are the trustees?

FAQinglovely · 20/04/2009 00:10

I'm guessing my parents are the trustees as they set it up? I just sent them the boys birth certificates last year for them to sort it. Then they returned them to me (eventually after a bloody long argument and huge fallout >>>) That's the only contact I've had with them about it.

KingCanuteIAm · 20/04/2009 00:17

Hmm, get advice, but I would think anyone advising you would need to know how the thing is set up as well to be able to really help.

FAQinglovely · 20/04/2009 00:30

you know what - I'm actually more upset about the prospect of having to talk to my parents about the details of it (well about anything for that matter) than the thought that they're going to possibly make me pay back loads of ££££'s

thumbwitch · 20/04/2009 00:50

can't you email them, or if they're still in the electronic dark ages, write them a letter?

FAQinglovely · 20/04/2009 00:55

either way means giving them my contact details - they don't have my email address, postal address, mobile number or landline number........

FAQinglovely · 20/04/2009 00:56

definitely not in the dark ages my dad's website

thumbwitch · 20/04/2009 01:05

set up a special hotmail account then that you only need to use for contacting them - that way you can keep everything separate and it won't give them too many clues. Up to you of course - I have 3 hotmail accounts for various things.

thumbwitch · 20/04/2009 01:12

wow, your Dad is a bit of a whizz with the photos, isn't he? Anyway, irrelevant.

FAQinglovely · 20/04/2009 01:18

yea he's pretty good at it

KingCanuteIAm · 20/04/2009 06:44

I am sorry FAQ, I really hope I have worried your needlessly (IYSWIM) I am hoping they had a decent financial adviser or sol. set it up who would automatically be aware of these things.

HappyMummyOfOne · 20/04/2009 09:21

If they can be withdrawn then yes they do count, if in trust and cannot be touched until a certain age (legally tied up in trust) then they wont count but you still need to declare them.

The DWP have access to all banking systems and do run x-checks all the time so better to tell them before they find them.

They dont affect tax credits (unless the interest is over £300 a month) but can affect HB/IS and any other means tested benefits.

FAQinglovely · 20/04/2009 09:34

thanks happy - I suppose I'd better steal myself for contacting my parents to get the details of where the money is etc......I don't think a separate hotmail address would work as chances are my dad wouldn't even open it if he didn't know who it was from

FAQinglovely · 20/04/2009 09:38

and when you say could affect IS/HB that means they'll probably decide they've overpaid me won't it

IS is from May/June/July last year (whichever month they actually sorted the money out). HB from Feb this year.

KingCanuteIAm · 20/04/2009 09:46

Get a hotmail with your name as the address IYSWIM?

Before you panic you need to know how it is set up. It sounds like, if it is tied in properly, it will not be a problem and they won't decide they have overpaid you.

I really feel like I have caused this for you - I know I haven't but I still feel, kind of, personally responsible!

HappyMummyOfOne · 20/04/2009 09:47

It could mean you have been overpaid yes, may only be a small amount on the IS side unless you have your own savings as well. HB depends again on total savings and amount claimed.

If they are in a sealed trust, you need to advise them by rec del of the amounts and accounts and they shouldnt affect the IS/HB but they still need to be declared.

FAQinglovely · 20/04/2009 09:52

I'm certain it will be tied in properly - my cousin works for a solicitors firm (has done for years) as a legal secretary - but the company she works for helped with all the legal side.

I have precisely £30 of my own savings (as of 2 months ago when I opened a savings account)

FAQinglovely · 20/04/2009 11:38

I've just had another thought- DH and I are separated - and he's claiming JSA - is this going to affect him as well???

KingCanuteIAm · 20/04/2009 11:53

Oh, hopefully not, I assume you are primary carer? If they are not resident with him then I don't think they would be relevant.