Untouchable account, mother taking my money,please help.

justpaper

Never mind all the above, whos being putting the money in while you where "small" you said My mother created an account for me when in was younger

maybe your mother is doing you a favor and keeping it away from you after all if she made the account it must be her money she has been putting in for you.

any hows if the compensation cheque went into this account then its fair to say its in your name, go bust in hailfax and get it sorted

off the topic

I knew a guy that was left 40k odd and he blew it with in 1year and got in debt by 25k all with in the year he got the money, age 20,

opinions4u

The account could easily be held with Mum as trustee for daughter.

The funds in such an account should only be used for the benefit of the daughter. Mum can decide what and when constitutes "benefit for the daughter". Maintaining daughter while in education, providing clothes and food etc would qualify. Mum clothing herself wouldn't.

Unless there is a legal trust deed stating otherwise, the funds remain under Mum's control until Mum says otherwise.

On Mum's death the funds don't form part of Mum's estate but can be transferred directly in to the name of the daughter at that time (unless there is a trust deed that states otherwise).

You have three options as I see it:

1) Try to have a reasonable and rational discussion with Mum about what she thinks you should use the funds for. If you can come to some agreement on this, then the issue can effectively go away.

2) Forget about it until she croaks.

3) See a solicitor to find out if you can establish legal ownership over the funds, rather than simply being the beneficiary of an unwirtten trust that Mum controls.

If you go down route (3) it will incur a hefty bill and you are not in any way guaranteed to be in the right. Before you do, make a fair and reasonable assessment of your own attitude towards the money. Do you simply want to have it so you can have a few nice shopping trips, or are you taking a more mature view that it could be set aside for house purchase deposit, wedding, education (but not the social side of education)?

Best solution - talk with Mum, show your maturity with your intentions for the money and see where this gets you.

This is my money, but i know nothing about it and so walking into a branch will look rediculous.

If I am right, and the account is held in trust for you, they shouldn't even disclose the existance of the account for you.

You say Mum withdraws from the account. What do the withdrawals pay for?

She is refusing to let me have any money,despite wanting to go to university.

Is this stopping you going to unviersity, or simply impeding the lifestyle you want when you get there? If it's the former, I question your Mum's judgement. If it's the latter, I think she's probably right to hold the funds back at this stage.

Is there an age limit on these accounts,i know i cannot tell you much but i really need help.
Surely this is illegal with my age?

Holding funds in trust for somebody does not require the beneficiary of the trust to be under a specific age, unless a written trust deed states this.

martinman3

taliesin wrote: »

From the Halifax website: "save4it accounts cannot be held once the child is aged 17. Shortly before the child reaches 17 we will write advising of the other accounts available ...." and continues to say that unless instructed otherwise the account will be converted into either an Instant Saver or a Saver Reward on the child's 17th birthday. This account doesn't quite seem to fit the description given either.

The save4it account is relatively new and as you say cannot be held over the age of 17.
According to their website, Halifax had a "Young Savers Rate" on their adult accounts which applied to savers under 21.
http://www.halifax.co.uk/savings/personalrates.asp#Hx_Young_Savers_Rate

Halifax Young Savers Rate
Special rate available on Halifax Liquid Gold, Halifax 60 Day Gold, Halifax Bonus Gold, Halifax Instant Saver and Halifax Saver Reward accounts for under 21s. Interest is paid at the special rate or at the tiered rate of interest (whichever is the higher).

If the account is one of these opened in trust then the OP may need to wait until 21 to get access to it.

opinions4u

martinman3 wrote: »

The save4it account is relatively new and as you say cannot be held over the age of 17.
According to their website, Halifax had a "Young Savers Rate" on their adult accounts which applied to savers under 21.
http://www.halifax.co.uk/savings/personalrates.asp#Hx_Young_Savers_Rate


If the account is one of these opened in trust then the OP may need to wait until 21 to get access to it.

The rate is paid based on the date of birth of the beneficiary of the account.

It in no way means that the funds revert to the beneficiary at age 21, merely that the "special" young saver rate is removed.