can i set an account up for a neice/nephew without the parents knowing??

anna42hmr

found out at the weekend i am going to be an aunty in january, my brother has not been with the girl for long and my brother is not very good with money (and have a fear that they may use the money in harder times), i am thinking of setting up an account for the child when it is born and for me to pay £30 a month in until the child is 18??

i want to make sure that the money goes to the person intended (my neice or nephew) and would rather that my brother or the mother dont have access and may be not even knowledge of this account until the time comes, however if i just saved in an account in my name, it would be part of my estate if anything happened to me

so is there a way that i can set up an account for the baby when it is born without their knowledge or would i only be able to set up an account that just restricts them from access??

also would a normal saving account be best or perhaps a bond/trust??

i would also prefer the child to not know of the accounts existance until they were 18 is this something that would also be possible??

galvanizersbaby

Hi

I'm pretty sure you would need the parents permission and a birth certificate to set up an account for the newborn.
Hopefully somebody else can give you further advice shortly

oystercatcher

Why not set up an account in your own name but alter your will so that niece/nephew would inherit that money if anything happened to you. That way you have full control and secrecy but wishes should be followed if the worst happens.
You can arrange for money to be held in trust until age 18 or 21 if necessary.

Oystercatcher

anna42hmr

thanks, i thought that may be the case, i suppose i could always set it up with their permission and never mention it again and hope they forget

anna42hmr

thanks oystercatcher vbmenu_register("postmenu_12113557", true); thats a good suggestion actually

geri1965_2

Why even bother to mention it to them if you are worried about what they will do with the money? Oystercatcher's idea is the best one.

galvanizersbaby

anna42hmr wrote: »

thanks, i thought that may be the case, i suppose i could always set it up with their permission and never mention it again and hope they forget

You will need the childs birth cert if it is to be in your niece or nephews name though as my friend wanted to open an account for my daughter when she was born and she needed me to give her the birth cert so not sure you could get hold of this without them knowing?!
You won't be able to open an account in the childs name until he/she is born - good luck!

Oldernotwiser

If you doubt the security of this relationship there may be no way in which you can have continued contact with this child if it breaks up.This may make tracing it difficult when the time comes and could leave the money in limbo if in the child's name. You obviosly feel strongly about your new niece/nephew but the mother may want nothing to do with the extended family if the relationship folds. Sorry to be depressing.

mrs.carrot

Hello,

I am a newbie here, and tend to lurk and not post, but have you considered contributing to their child trust fund once he/she is born?

All new babies are given money by the government (£250 I believe), that has to be invested in a CTF, either in a deposit account or in stocks/shares depending on the parents attitude to risk. The parents can't touch it, and if my memory is working you can pay up to £1000 per year into the acount. The child can't access it till they are 17 or 18.

Hope that helps!

mrs.carrot

galvanizersbaby

Oldernotwiser wrote: »

If you doubt the security of this relationship there may be no way in which you can have continued contact with this child if it breaks up.This may make tracing it difficult when the time comes and could leave the money in limbo if in the child's name. You obviosly feel strongly about your new niece/nephew but the mother may want nothing to do with the extended family if the relationship folds. Sorry to be depressing.

Oh dear!
I think it's a lovely idea to set up a fund for the little one anna42hmr!

scottishlass

I set one up for my nephew without his birth certificate as I didn't want the mother to know in particular.

It was a few years ago so cant remember how exactly I did it but it was done in his name and I will give him the details when he's older and can make his own mind up with how he chooses to spend it.