Children's accounts - death of trustee?

brawlsadford

Just a quick and morbid question: if I open a Little Rock Instant Access Account as trustee (with my three year-old son as beneficiary) and then die - who will control of the money pass to?

I've looked through the Terms and Conditions but can't find anything specific that would cover this. I assume that they would look for another trustee until the beneficiary reaches majority but can anyone confirm this?

Come to think of it... I don't have a copy of the T&Cs for Halifax Children's Reg. Saver / Save4it accounts handy - anyone know what applies in those cases?

mighty_hammers

As i understand it the money belongs to your son, as his trustee you are managing the account. If you have no husband it would be a good idea to have a will drawn up and have someone named to manage your estate who would then in turn look after any monies you have to go to yourson. hope this helps.

opinions4u

Come to think of it... I don't have a copy of the T&Cs for Halifax Children's Reg. Saver / Save4it accounts handy - anyone know what applies in those cases?

The accounts remain open and a new trustee can be apponted.

The funds do not form part of the estate of the deceased.

brawlsadford

Thanks for the replies guys (or gals). I don't have a husband mighty hammers... but I do have a wife [I guess I write like a big girl]

We've got wills but I think that opinions4u is correct, this money won't form part of an estate: it's no longer mine and already my son's.

My assumption is that a surviving guardian can present death certificates and become a trustee - but I'd like to find out for 100% sure as he may end up with thousands of pounds in accounts like these over the next 15 years.

Annisele

This is covered in the the government's Child Trust Fund website - one of the questions is "What happens if my partner dies".

Briefly, the person with parental responsibility for the child would be able to apply to become the "registered contact" for the trust (the "registered contact" is the person who looks after the account on behalf of the child). I assume from your post that your wife is your son's mother; if that's the case then she will already have parental responsibility and so shouldn't have any difficulty in becoming the "registered contact" in the event of your death. (If your wife isn't your son's mother it becomes a little more complicated; his mother would usually be the one to look after the money).

brawlsadford

Thanks for the reply Annisele - I do have a CTF too so it's good to know. (Your assumption that my wife is also my son's mother is correct)