grandparent keeping child's money

Kayalana99

Yea I read it becomes childs at 18 on that link I posted - so best guess is they were never in your childrens name. All evidence kind of points to the fact these accounts were in her name.

If thier is no hope of sortin things with your mum I would say its dead money - but if you still wish to double check you could always take the kids to bank.

Think its kind of a moot point unless you do that/get back in contact.

Top_Girl

I would have thought the bank/building society would be able to check if there had ever been accounts in your childrens names.

I'd start there.

juliebunny

What a nasty thing to do. Is the fued with you or the children? You need to know if the accuont was in their name. Once they are 16, only they can access the account, or so I was told.

Macca83_2

onlyroz wrote: »

My understanding was that an adult could set up an account for a child, with the child as the named account holder (and so is eligible for gross interest), and the adult has full control over until the child turns 18. At that point, the account is turned over to the child and the person who opened it loses access. I've never done this myself, but I think my parents have opened accounts for the children with the intention of them having the money when they turn 18.

There are some accounts that will automatically transfer to the child's name on their 16th birthday. But if the controlling adult withdraws the funds before they are 16 then again the child will have no access to it.

peachyprice

istanbul09 wrote: »

The last post is my understanding of the position but everyone else seems to think differently?

It depends on the BS/bank. My children's account have all be handed over to them at 11. They are/were with Nationwide and HSBC.

However, as your eldest is 25 the latest that account would have been signed over to her 7 years ago if it ever existed. Was that before or after the feud started?

KiKi

istanbul09 wrote: »

The last post is my understanding of the position but everyone else seems to think differently?

Not necessarily. I held accounts for all my nieces and nephews in trust at the Abbey. I had total control of the money and there was no obligation to go to them.

There is a difference between a formal trust fund which is held in the child's name with an adult signatory, and a normal savings account for which an adult is the trustee. I had the latter, and transferred all my niece's and nephew's money to my bank account so I could then transfer it to their own bank accounts when they were 18. In fact, my niece didn't get hers until she was nearly 19. I still held the account as a trustee for her, although she was an adult. Nothing could have stopped me keeping it, either.

KiKi

istanbul09

Yes, nasty business all round.Benn on and off for 20 years.Sum involved is 9k plus.All I want is for my kids to receive money that I see as belonging to them at a time when they both need it to get through uni.How many other grandparents would behave like this?I just cannot get my head around it

Padstow

istanbul09 wrote: »

Thanks Kayalana- still open to more suggestions mother has refused on more than one occasion to hand the money over

Nor should you expect her to. Her money, and what your children never had, they'll never miss.

The problem with money giving in families whether as in your instance, loans, gifts or promising in Wills, is that the recipient is at the mercy of the benefactor.
Blackmail almost.

FatVonD

My parents pay money each month into an account they opened for my son but, as his parent, I had to sign for it and the address of the account is our address. Whenever the pass book has to be updated etc it gets sent back to me and i then give it back to them.

If you've never received anything in the post I'd say the accounts were in your mother's name but if you know who she usually banks with you've nothing to lose by asking if they hold accounts in your children's names.

eskimo26

istanbul09 wrote: »

Yes, nasty business all round.Benn on and off for 20 years.Sum involved is 9k plus.All I want is for my kids to receive money that I see as belonging to them at a time when they both need it to get through uni.How many other grandparents would behave like this?I just cannot get my head around it

They should have planned better? I don't mean to be rude but presumably you knew this money may no longer be available but now they 'need' it so your scrambling about desperately trying to get even some small idea of how to access it which should have been done well before this.

The money doesn't 'belong' to them, it was her money which she said she was putting aside for them, she changed her mind and told you she it is no longer for them. Still you might get lucky if it was put into a trust and was taxed as such.

Still really a needle in a haystack and a bit late to scramble about for it now. Good luck to your kids for uni though.