Can I have an acc 'in trust for' another adult?

aliasojo

When the kids were young and I opened savings accounts for them, they were in the child's name and it was legally clear the money was theirs, but had my name too so I could operate the account.

Can I do this again with my son who is an adult?

I just want a simple savings account that can be operated online by me although the money isn't mine.

westy22

wales100 wrote: »

Simple Answer Yes. Must Banks offer accounts that are for the benefit of Children but can Have a named adult parent/guardian associated with it. Plus their are now Junior ISAs available.

I know the Lloyds TSB and NatWest offer these accounts, plus Halifax I believe.

The OP's son is an adult! It may be possible to have an adult 'designated' account but I doubt it unless the 'child' is disabled. It is far more common to have a joint account with both signatures required for withdrawals but either one can deposit.

xylophone

Simple Answer Yes. Must Banks offer accounts that are for the benefit of Children

The OP is asking about holding the account as bare trustee for an adult.
He/she might well find that there are problems here if the adult in question is "of full capacity".



http://www.hmrc.gov.uk/tdsi/children.htm

xylophone

I just want a simple savings account that can be operated online by me although the money isn't mine.

What are the circumstances?

aliasojo

Son is disabled. I am his official appointee for his benefits.

I understand there is a legal process I can go through to deal with all his affairs but tbh we're fine the way we are for now at least and all I want to do is have an account in his name but with me as the person who operates it.

A joint account will be of no use as his money may be classed as partly mine then.

xylophone

https://docs.google.com/viewer?a=v&q=cache:EkoT2i6HJ94J:www.hubbpr.cswebsites.org/Libraries/Local/739/Docs/PB%252012%25208%252008/BANK%2520ACCOUNTS%2520FOR%2520APPOINTEES.doc+appointee+benefits+bank+account&hl=en&gl=uk&pid=bl&srcid=ADGEEShpbRk4veFGW-KrUUcJ7nGrsAK92DaHQa-5zDgbnUAXJLztr8QcR5b0V8egSxKq8XSeFmFSJjITWg9YvMHWryeCf9CuMFb-hPcSbv-yeKADCIgR46ZfEAacZQB2lXfkhNOszv-s&sig=AHIEtbRd2fudMUUzQ0JyE0bghdRogpyOeQ
might be of interest.
http://www.adviceguide.org.uk/england/relationships_e/relationships_looking_after_people_e/managing_affairs_for_someone_else.htm

You do not say whether your son is physically or mentally incapacitated - if the latter, then see http://www.hmrc.gov.uk/tdsi/example8.htm

You might need to clarify the position with the bank of your choice.