WARNING: Bank stole child's money

krisskross

I would suggest it is an ordinary savings account for a minor rather than a real 'trust' account. Don't think you can just pop in anytime and get money out of an actual trust as the OP would seem to infer is what happened.

Mikeyorks

willo65 wrote: »

could OP clarify if this is actually a trust account or if it is just a "trust" account by name??

The OP made it clear on Page 2 that they would not return to the thread. But what do you consider is the material difference - in relation to this thread - between " a trust account and just a trust account by name"?

willo65

Well as Kriskross has said you wouldn't just walk into a bank and take money from an Actual trust account but it may be a name "trust account" this specific bank uses for an account held by an adult for a child in other words another name for an account re: a child.

opinions4u

willo65 wrote: »

Well as Kriskross has said you wouldn't just walk into a bank and take money from an Actual trust account but it may be a name "trust account" this specific bank uses for an account held by an adult for a child in other words another name for an account re: a child.

Such an account will still form a trust, even where there is no trust deed. It is different to an account held "in re".

A trustee named on such an account can only withdraw funds for use by, on behalf of or in the interests of the beneficiary. Even if that includes withdrawing money to buy sweets with!

Investor44

The OP stated that the money was from an inheritance - what worries me is why the OP the sole trustee of this money?

When my son inherited some money I was told legally it had to be held by a minimum of 2 trustees - and these would be the executors of the will.

There was no way I could have had the money to hold on behalf of my son, and there is certainly no access to the account until he turns 18.

Even if the OP was an executor why is there no second trustee on the account?

opinions4u

Investor44 wrote: »

The OP stated that the money was from an inheritance - what worries me is why the OP the sole trustee of this money?

When my son inherited some money I was told legally it had to be held by a minimum of 2 trustees - and these would be the executors of the will.

There was no way I could have had the money to hold on behalf of my son, and there is certainly no access to the account until he turns 18.

Even if the OP was an executor why is there no second trustee on the account?

It depends absolutely on what requirements the will placed on the executors.

Investor44

opinions4u wrote: »

It depends absolutely on what requirements the will placed on the executors.

Well in the case of my son's inheritance the will made absolutely no mention at all of any of the beneficiaries being minors. My son was just listed along with other people's names.

The solicitor advising the executors said that because a minor cannot legally sign for the receipt of funds - and indeed could even sue the executors at a later date (for non receipt and/or mis-management) if the money was passed on to the parents - then it had to stay in the hands of the executors until he was 18 - with a minimum of 2 trustees.

Perhaps they had an overly cautious solicitor fearing a worst case senario, but that's what they were told was the legal situation.