Is there NO way to access a trustee account?

shadesofclear

When I was little, my parents opened a trustee account for me with £500 in. Growing up, they insisted I pay all my other money (birthday gifts, wages from working, my university bursary) into that account so I couldn't spend it. They told me it would revert to my control when I turned 21 (it obviously didn't, which is why I immediately stopped paying into the account when I reached that age and realised what had happened).

My parents drew a few cheques against the account to pay bills along the way - a total of around £600, so more than the amount they paid in in the first place - so all the money in the account now is money I paid in myself. Last I knew, there was about £4000 there.

Because it's a trustee account, only my parents can withdraw money from it. That's fine... except my relationship with my parents has gone very sour.

Is there ANY action I can take, or will I just have to wait until they both die before I get control of the money (assuming they don't spend it in the meantime)?

I was an idiot to keep paying into the account after the age of 18, I should have opened my own account from the get-go but they convinced me it was better this way. Moral of the story: don't take banking advice from your parents!

I know it's not a huge sum, but I'm struggling to make ends meet and it would come in handy. But I'm afraid I'll have to wait maybe 40 years for them both to meet their maker before I get access to it.

That sounds cruel, and I don't mean it that way. I just can't believe I was stupid enough to listen to them for 21 years and put every penny I had under their control.

ohmsoft

I think we would need to see details of the trust and who the beneficery(s) are. My assumption is that you are one of the beneficeries as your parents set this up for you. In this case your parents, as I assume are Trustees, should be holding the moneys in the account and looking after it for you in accordance with the conditions of the trust.

Your post indicates you are the only beneficery in which case you are able to wind the trust up irrespective of its conditions and call the money back - technically, if the funds have been spent on bills etc not to your benifet you could persue the trustees - but as your parents I would guess you might not want to do this.

Olipro

If you wish you could take them to court for deliberately defrauding you. I'd say this comes under "obtaining funds by deception"

rb10

Assuming that this is just a normal savings account at a bank (e.g. Halifax Save4It, or Nationwide Smart account), with your parents holding the account in trust for you, then the bank will not be able to let you have the money.

They would only be able to let you have access to it on production of a letter of authority from your parents, or a copy of their death certificates.

(If you were to take them to court, as the above poster suggested, then I imagine that this would be overridden, but I have no idea how successful you'd be or how that process works.)

ChiefGrasscutter

As others have said you need to know the precise terms of the trust deed.
The Banks who holds the account should have a copy - but probably won't let you see it

If it reverts to you at age 21 as you suggest then I would have thought that all you need to do is to approach the bank with your birth certificate and "request" that the trust has run its course and you are now the sole owner.

Obviously it is all a very sad situation - and actually rather difficult for the bank to handle.

At least you know it exists. I can remember one in my family where the trustees (not family) had genuinely lost all the stuff after some XX years and had forgotton about it. The beneficiary knew it existed - just the problem was where - this was before the days of the consumer regulation, the FSA, computers and whatever.

System

If it's an off-the-shelf child account from a bank or building society, it would normally be automatically be switched to an account in your name when you reach 18 or possibly 21. If it is an account held by a tailor-made trust, then it would be unusual, and would have weird tax implications, for the trust to continue after you are 21, or possibly 25. It would also be strange if the trustees did not let you see the trust deed. And, if it is a tailor-made trust, who has been doing the (complicated and annoying) tax returns on behalf of the trust?

WhiteHorse

Generally speaking, and without more specific details, you should be able to dissolve or break the Trust. You should approach the bank and discuss it with them. It may require the involvement of a solicitor as banks are very cautious where trusts are concerned.

shadesofclear

Thanks for all the replies.

It's an Abbey National Instant Saver account, with my parents as trustees and myself as the sole 'beneficiary' (though it's not worded like that, in the passbook it just said 'Mr & Mrs XX XXXXXX, trustees for Miss XX XXXXXX').

The bank won't discuss it with me because the account isn't technically in my name (I can't even be told the current balance), so I don't have any more information than that unfortunately.

I'd rather not drag this sorry mess through the courts, I think that would just add a whole new layer of bitterness and resentment and for £4000 it doesn't seem worth it.

Ah well - thanks again for the help.

WhiteHorse

shadesofclear wrote: »

I'd rather not drag this sorry mess through the courts, I think that would just add a whole new layer of bitterness and resentment and for £4000 it doesn't seem worth it.

£4000 isn't peanuts.

Furthermore, they have betrayed you, so you need have no qualms about dealing with this matter.

dawyldthing

i'd contact citizens advice as they should be able to help you further

tabby_cats_mum

I may be wrong in your case but I have just been made a trustee and it was all carried out by a solicitor as there are tax and legal implications. If your account is a true trust fund I suspect there will have been some legal input at some time and a solicitor will hold the original documentation. Perhaps if you have an idea which legal firm your parents may have used that would be a starting point.