can someone open a bank account for a child without parental concent?
Comments
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paddy's_mum wrote: »But surely the whole point of the opening post is that grandma is obstinately refusing to do anything except put the money in the sole name of the child .. which is what is leading to all the knock-on problems. As I read it, grandma might be the person providing the cash and holding the actual pass book or documents, but the money will be very firmly the property of Morris Minor alone.
If grandma is adamant that her will shall prevail, and opens the account without the consent of the minor child's mother, and as a result questions are asked by officialdom, how is the OP to protect her own status and financial welfare?
I stand by my feeling that grandma is being stubborn for reasons of her own since it surely is not beyond her wit to appreciate why the 14 month delay would be a sensible and advantageous thing to do. There is no reason that I can conceive why the suggested joint account can't be set up now and after the daughter-in-law's graduation, change the account into Morris Minor's sole name.
I suspect grandma believes that wielding money equals wielding power since it is not reasonable to so airily dismiss the views of the one person who stands to lose a lot but gain nothing from the gift. Catch 22, anyone?
You cannot open an account solely in a childs name. It has to be in an adults name.
Also if it's not a trust fund and if it's just a savings account, like a building society book for example, when our kids got to 14 they changed them into their own name, so they were able to get their own money out then. Some accounts are down to age 11 now though.
If you are not named on the account, I'm sure you don't need to declare it.
If you open the account for a minor, it's in your name first, then their name on the account, so it's fairly obvious to see.
Also the book is retained by the adult, she could add more, or take it all out, and you wouldn't know, so you cannot ever say how much is in the account truthfully.0 -
Just something else to be wary of, my son had an account opened when he was a toddler by his uncle (Godfather), my EH's brother. Now he is nearly 18 & although the account was paid into until he was nearly 16 he can't get access to his money.
EH has no contact now with his brother who lives abroad, neither do i or my son so it looks like for the minute he will not be able to get to it. Shame cos he could do with it atm.0 -
If i was the selfish grandmother i would withdraw the money and spend it on myself, what she does with her money or how she puts it in an account is her business the son can refuse or donate to charity when old enough but legally absolutely nothing to do with the mother unless she signs or her name on book, mother can NOT be held accountable for any of this and if college advisor suggesting otherwise i would take to citizens advice this could be said what advisor is saying in theory ANYONE could open a bank account with a view to leaving to godson/daughter grandchildren and parents are penalised for it, complete nonsense unless you are somewhere involved directly with opening the account!
And if granny wants to leave for when he is older thats her choice her money simple!
Failing above you could always just tell her to stick it where the sun dont shine and your poor son can lose out from the heartless grannys generous 20k0 -
I have 6 grandchildren i pay money regularaly into accounts for them that i have opened i think i did mention to my daughter but have never discussed details but if she ever wants to go back to further education i will obviously sit and explain how penalised she will be due to my foolishness...
Ive read some stories on here but this on is by far most ridiculous i would understand if you or father had put in an account as that would be classed as savings but a n other??? and how many are at this moment so called 'defrauding' with grant abuse because they have no idea someone is investing money for their childrens future?
Next time one of my grandchildren has a birthday party one of the guests buying her a present i will ask to pay for the party...... :rotfl:£14, 500 to go0 -
The age at which a 'child' can access the savings depends on the arrangement made when it is set up. I set up a savings account for my grandson when he was born. It is in his name but I am 'associated' with the account and receive information and balances. We recently needed a new book as the old on was lost. I was reminded that the arrangement is that the account can be paid into but nothing withdrawn. Now he is 7 they can take his signature (!!!) and he can withdraw independently. If we want a countersignature he must agree to it. The plan at present is to do nothing and retain the 'pay in only' status.0
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If i was the selfish grandmother i would withdraw the money and spend it on myself, what she does with her money or how she puts it in an account is her business the son can refuse or donate to charity when old enough but legally absolutely nothing to do with the mother unless she signs or her name on book, mother can NOT be held accountable for any of this and if college advisor suggesting otherwise i would take to citizens advice this could be said what advisor is saying in theory ANYONE could open a bank account with a view to leaving to godson/daughter grandchildren and parents are penalised for it, complete nonsense unless you are somewhere involved directly with opening the account!
And if granny wants to leave for when he is older thats her choice her money simple!
Failing above you could always just tell her to stick it where the sun dont shine and your poor son can lose out from the heartless grannys generous 20k
I don't think anyone is disputing that the gift is a generous one, and the OP certainly isn't, she even states that in her first post. However, the point is that MIL is blatently ignoring her worries about funding for her course.
Whether or not we agree with what she's been told, the fact is that she HAS been told that the account will affect her finances and thus her future career. (For what it's worth, and I'm no financial advisor, I would have a chat with someone else, something about this uni rep's advice doesn't sound right to me).
There are other solutions to this problem but it seems MIL is unwilling to look at them and that IS selfish. What reason would she have to insist on this particular method of giving to her grandchild over others that are just as effective but less hassle for OP? If I were in the same position, then my Mum or MIL would completely understand and look for a different solution, their generosity would not be called into question, they are two seperate issues.
OP, I hope you get a good outcome to this situation, and that you get to the bottom of why MIL is insistent on this account. The people who are calling you selfish are missing the entire point of this thread.0 -
But how can it affect her finances? If the m-i-l had not mentioned it, she would not even know the account existed. She has no access to it. The money is not hers, nor has her name on anywhere, nor is it available to her, nor ever will be.
It's like saying that any account I open will affect her finances! It's exactly the same scenario.
Someone has got the wrong end of the stick.
I do not blame the OP at all for wanting to check it out, however, (In fact she should clarify the matter asap), but I think she will find that it does not, in actual fact, have any bearing on her finances at all and that what the m-i-l is doing is perfectly fine (and I wish someone had done it for my son).(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
But how can it affect her finances? If the m-i-l had not mentioned it, she would not even know the account existed. She has no access to it. The money is not hers, nor has her name on anywhere, nor is it available to her, nor ever will be.
It's like saying that any account I open will affect her finances! It's exactly the same scenario.
Someone has got the wrong end of the stick.
I do not blame the OP at all for wanting to check it out, however, (In fact she should clarify the matter asap), but I think she will find that it does not, in actual fact, have any bearing on her finances at all and that what the m-i-l is doing is perfectly fine (and I wish someone had done it for my son).
Oh absolutely! I agree with you that this is probably the case, and I should imagine that once she gets it checked out, all will be OK.
But it doesn't alter the fact that she has asked MIL to reconsider as there are possible financial implications, and MIL has refused, with no hint of a compromise. That, IMO, is the selfish part. Certianly not the gift, that's lovely.0 -
I have tried to do this for my grandaughter and you can't do it . apparently a parent has to sign the paperwork . which scuppered my plans as don't want either parent to know about it as they can then gain access to it and spend it - i don't even want to put alot in just small amounts at xmas and birthdays as if i hand it over to them they spend it. the soloution i was told was to open a savings account in my name and to make sure i had made a will which stipulated this account was for the childs benefit only. i don't know about trust funds as obviously alot more is involved but i was told the law had recently been changedYou cannot open an account solely in a childs name. It has to be in an adults name.
Also if it's not a trust fund and if it's just a savings account, like a building society book for example, when our kids got to 14 they changed them into their own name, so they were able to get their own money out then. Some accounts are down to age 11 now though.
If you are not named on the account, I'm sure you don't need to declare it.
If you open the account for a minor, it's in your name first, then their name on the account, so it's fairly obvious to see.
Also the book is retained by the adult, she could add more, or take it all out, and you wouldn't know, so you cannot ever say how much is in the account truthfully.vic0 -
What rubbish????
My ex (who was not the most pleasant of people) is currently re training to become a lawyer (im sure to then come at me for past rent or something
anyway she is on a grant i think i will open a few savings accounts "on behalf of my ex" just to see her be paid a less grant!!
Come on OP surely you must see how 'illegal' and 'immoral' not to mention your human rights? if the advisor told you this i would call him/her up and tell them informing people such rot could leave them in serious trouble i mean you are taking it well but what about others not as strong as yourself how would really worry and stress, im sure by now thinking of it over time can see the complete nonsesnse in the whole idea!
As for the granny - her cash she can do what she wants, how she invests for your son and when he receives it, people with large amounts of money are advised to avoid inheritence tax to give away as 'gifts' over years but if you have not signed anything or given your permission the whole situation has NOTHING at all whatsoever to do with you!0
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