How can I get access to saving my Grandad has for me ?

TzarJay

Hi

I'm desperate for help on this, my Grandad has a savings account with Halifax, called Liquid Gold, and any mail regarding that account comes as "Mr (My Grandad's name) in re (My name)"

My Grandad suffers from dementia, but not too severe, no one has power of attorney over him. My Gran can't remember anything about the account and claims it doesn't exist, but I know for a fact it does (she's a very odd person). I found some mail and the old passbook for the account, where in 1994 claims there is over £13,000 in the account.

Since I'm the "in re" on the mail I guess I'm included on the account or something, I fully understand that it's still his money and I'd never try and steal it off him, but I'm now 21 and I feel that I should try my best to get access to the money as it would change my life for the better.

My Grandad would grant me access to the account but what will I have to do to get access ? I can see Halifax being very unreasonable if I even go into the branch and ask about it. My Grandad is 88 and can't walk anymore so I've really no idea where to start.

Thanks

innovate

If you are the rightful owner of the money now - which you may well be at the age of 21 - the bank will tell you what they need from you. Take some ID and proof of address, and anything you have about the account, and go into a Branch.

Though may be your Grandma is right and the account does no longer exist.

atush

I think RE accts are still owned by the adult who opened them.

Anyway, the best thing to do is take whatever you have plus ID and go in.

opinions4u

The money is Grandad's.

His signature is needed to change that.

McKneff

Dont hold yoiur breath and dont count your chickens.

The money still belongs to Grandad as it is in his name. The re is very likely a reference for grandad to remind him he was saving it for you.
This does not make it yours.

If he is ill, and possibly needs care it could be that it is needed for this.

He cannot just hand over money to you anyway.

Google 'deprivation of assets'

Goldiegirl

Your grandad is the signatory of the account.

He is the only person who has control of the account, and therefore is the only person who can sign over the account to you.

You mentioned he has dementia - you (or your parents/grandmother) need to be thinking about obtaining power of attorney, while he still has the mental capacity to make the decision to agree to the appointment of an attorney. However, if he is already to ill to make that decision, someone would have to apply to the court of protection to get control of his affairs. This person would then act as a receiver for your grandad

The attorney or receiver could then act on behalf of your grandad to sign the account over to you.

But there is still the issue of deprivation of assets to consider.

If you went into the Halifax branch to ask about the account, they wouldn't be able to tell you anything. It's not them being unreasonable, it's that they have no authority to talk to you

xylophone

It may be that Grandpa was holding this account "in bare trust" for you - this means that an absolute gift of money was made to you and he was holding it in trust until you reached the appropriate age.
See http://www.hmrc.gov.uk/tdsi/children.htm

Were your parents asked to sign an R85? Were they reclaiming tax on your behalf after you reached the age of 16?

See http://www.taxinsider.co.uk/763-The_Bare_Essentials_Bare_Trusts.html

The beneficiary of a bare trust has an absolute right to income and capital at the age of 18 (16 in Scotland).

You/your parents might try here http://www.bsa.org.uk/consumer/factsheets/100948.htm

brasso

Your grandfather might have named the account "Re TzarJay" to remind him that this particular stash was to be used as a legal defence fund in case his grandson ever tried to steal his savings.

margaretclare

Has anyone got Power of Attorney to deal with your Grandad's affairs? If so, he or she should be able to help you with this.

mrcow

If his dementia is not too bad, can you not just ask him about it on a good day?

Tell him you saw the account book and ask what the account was for.

If I'd saved £13000 for a grandchild of mine, I'd want them to know about it.

srcandas

margaretclare wrote: »

Has anyone got Power of Attorney to deal with your Grandad's affairs? If so, he or she should be able to help you with this.

Post One says no power of attorney exists.

mrcow has said it I think. Just ask him.

In general terms I guess a lesson for me in not leaving it too late to get things in place and with great clarity. I guess we all like to think we are immortal - well I know I am :rotfl: