When do children own money in their own right?

fairy2

Does anyone know at what age childrens money is treated as being their money rather than their parents? Currently my childrens' bank accounts are set up as "my name" for "their name"and I assume that if I was run over by a bus tomorrow their money would be treated as forming part of my estate even though it is not mine it has been collected from various gifts etc over the years. Is the money always treated as mine until they are 18 or are their accounts which can be held in their name without my name being on the account? Many thanks. Fairy2

CLAPTON

if the money is a bare trust (often in your name but designated in their name ) then they already own it and it would be illegal for you to use the money for your advantage.
they can take full control at 18.
if they died it would form part of their estate

xylophone

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

Children can also have accounts in their own names - the BS/Bank's terms and conditions will specify when the children can run the accounts for themselves.
http://www.moneysupermarket.com/savings/childrens/

thenudeone

Quick Answer - from birth; although it will be held in trust for them until
they are deemed old enough to manage it themselves.

Each institution seems to have a different idea of when that is.

Any money which belongs to them (even if you are a trustee) will NOT be part of your estate if you die - it doesn't belong to you.