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

srcandas

mrcow wrote: »

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

I'm of the opposite view. As we see here there are dangers. If it is for example to pay university fees then at the right time it needs to be on the table for planning purposes but if it is just a gift then by keeping it quiet it can't get pre-spent and it makes a lovely surprise

SliAbhaile

Putting aside your desire to get to "your" money the bigger issue here is the whole family needs to take action for someone, probably your granddad's children, to have Power of Attorney.

For the last five years myself and my cousins have been trying to tie up the probate of our aunt's estate who died intestate and had been a Ward of Court for her last few years because of her dementia. The courts completely mucked up her tax affairs and it's proving a nightmare to unravel. Had we acted before dementia took hold the whole family, herself included, would have had a smoother last decade.

margaretclare

srcandas wrote: »

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:

Ooops, sorry, failed to read post #1 well enough.

If dementia is 'not too severe' then ask him about it, on a good day.

Saving money for the young ones when you're in later life...need to make some arrangements whereby they can have access to it whenever you intended that to be. Was it their 16th birthday, their 18th birthday, was it intended for further/higher education - need to leave some written instructions and/or do power of attorney (DH and I have this for each other). If I was warned that I was developing dementia and it was still at an early stage (think Terry Pratchett) I would inform all the beneficiaries under my will in case DH dies before me and make sure they all know where the important and relevant paperwork is kept. If I die first DH will deal with it all.

Grandad cannot walk. Any way of putting him in a wheelchair and into a taxi, go to a branch of Halifax and deal with this in person, grandchild and grandparent do it together? Much the simplest way.

atush

If I was this poor unfortunate grandad, I would be very upset at the OP Not getting the money. In no way do I think they are being greedy to ak for what grandpa kindly put aside for them.

I am not a lawyer ( i have one baking at the moment though lol) I would say re:accts set up years if not decades before might just escape deprivation of assets as they money was designated for another too young to open the accts themselves.

OP, your parent is the child of the man, so ask them to get a POA for the father. They can assist you in this, as could taking grandpa by taxi/wheelchair to the bank on a good day.

SailorSam

It sounds to me as if you've got more concerns about your Grandads money than his health.

McKneff

sheslookinhot wrote: »

This post serves no purpose other than have a go at a poster who was trying to help the OP. You should think twice about why you post on a forum.

Thank you.

atush

SailorSam wrote: »

It sounds to me as if you've got more concerns about your Grandads money than his health.

Sounds to me you are more interested in slapping down the OP then answering a q.

The acct was set up that the money would belong to the child. So Grandpa considers this money the OP's if he remembers it or not.

The money I have in Re:accts I don't consider 'mine'. So would be happy for it to be passed on.

xylophone

The money I have in Re:accts I don't consider 'mine'. So would be happy for it to be passed on.

This needs care.

If these "Re" accounts are bare trust accounts, then there is no
question that they would be passed on - the money belongs to the beneficiary. Indeed the beneficiary has the legal right to access and control at 18 (16 in Scotland)

However, if they are merely designated accounts, then the money is yours, if you died would be in your estate and might only be passed to the designee if your will stated that this should be so.

http://www.bgchildsavings.com/pages/how_to_invest.aspx

See also this - Scandia refer to "irrevocable designated accounts (aka bare trust) and "revocable designated accounts" aka designated as understood by other investment houses.
http://www2.skandia.co.uk/Adviser/KnowledgeDirect/Investments/Collectives/Designated-Accounts-explained/

opinions4u

xylophone wrote: »

This needs care.

If these "Re" accounts are bare trust accounts, then there is no
question that they would be passed on - the money belongs to the beneficiary. Indeed the beneficiary has the legal right to access and control at 18 (16 in Scotland)

However, if they are merely designated accounts, then the money is yours, if you died would be in your estate and might only be passed to the designee if your will stated that this should be so.

http://www.bgchildsavings.com/pages/how_to_invest.aspx

See also this - Scandia refer to "irrevocable designated accounts (aka bare trust) and "revocable designated accounts" aka designated as understood by other investment houses.
http://www2.skandia.co.uk/Adviser/KnowledgeDirect/Investments/Collectives/Designated-Accounts-explained/

Halifax in re accounts are not bare trusts.

xylophone

Halifax in re accounts are not bare trusts.

Then the above re "designated" would apply presumably?

However, in view of the HMRC link, http://www.hmrc.gov.uk/tdsi/children.htm this might be worth confirming - the tax treatment,( whether an R85 was completed in favour of the child) might throw some light?

That said, even where an account is in a child's own name, R85's are sometimes forgotten.

The OP/ parents/ grandmother etc will need to clarify? It does sound as though a POA might be required - in that case the person appointed could sort the matter out.

It does occur to me that if this account is not in bare trust, then the money does indeed still belong to Grandpa (who would have had (still has, if capable) a choice when, if ever to make a gift of the money) - this being the case, there might (depending on Grandpa's circumstances) be a "deprivation of assets" consideration.