grandparent keeping child's money

thorsoak

As you have been told, had your children's names been on the b/s accounts they would have received correspondence from the b/s once they reached the age of 11/16/18, depending upon where the accounts were held.

So it would appear that the accounts were in your mother's name, and as there has been a feud "off and on" for 20 years, your mother had decided not to "hand the money over". Why should she? Were you in her shoes - would you?

Personally, I would be devasted far more by the feud than the money.

Goldiegirl

When I worked for a building society in the 1980s and 1990s it was quite common for an adult to open an account in respect of a child.

The title of the account was typically

Mr Joe Bloggs
In re of Miss Ann Bloggs.

Therefore adult Joe was the owner of the account and was saving money in respect of child Ann.

When Ann grew a bit older Joe could, if he wished change the ownership of the account to Ann, and the account would then be in Ann's name.

There was no obligation to do this, and no set age. In many cases, the account was closed after a couple of years when Joe decided he needed the money now for something. It was Joe's account, so he was free to do what he liked with the money.

I suspect this is the situation here - you don't know for sure that the accounts are still open, and the building society will not tell you anything as the accounts are not in your name. They won't tell your children anything either, as the accounts are not owned by them.

I honestly think the best thing is to put this unfortunate situation behind you, and look to the future.

andygb

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

I would say that the money belonged to the person who earned it and set up the accounts.
Did the children ever do anything to deserve the money - visit/help their grandmother for instance.
Maybe if you give us a bit of information regarding the "fall out", it may enable us to form a better picture.

DeeDee74

I dont see the problem 2bh she said shed give your children some money she didnt , you dont talk I cant see why you expected your chjldren to get it??
It was gona be a gift thay decided not to gift it surely forget about it...

andygb

juliebunny wrote: »

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.

Why is it a nasty thing to do, it is her money and she can what she likes with it. We do not know the full story.
We have a greedy niece, who is angry at her father in law for getting another woman after his wife died. They are travelling around the World, something the niece describes as - "using up her inheritance money" - blooming cheeky bint!:(

Alchemilla

If the grandparent has taken the interest gross isnt that tax evasion?

Padstow

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

That's the point you are missing istanbul, the money does not belong to your children, it belongs to their grandmother.

You ask how she can behave like this? As you haven't shared the 20 year feud with us, we couldn't know the answer to that. Though had I been in such a long feud with someone I wouldn't be relying on their money.

As some others have said I'd be more upset at falling out with my mother than the money concerned.

marisco_2

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

This thread makes me feel really uncomfy. There seems to only be concern for claiming money that the OP feels her children have an unquestionable entitlement to. No indication of wanting to reconcile with the grandmother or resolve the problems surrounding this feud.

Maybe the grandmother has realised that there are few if any people she will be able to rely on from now on. Rather than end up a burden to anyone in her later life she is holding on to funds that she will need to support herself.

If this was going on in my family and I were the 18 or 25 year old I would be ashamed of how the adults in my life were carrying on. Falling out with each other and not trying to resolve problems gives awful examples to younger members of the family.

Whats wrong with the idea of the OPs children helping to support themselves through university, by getting part time and summer jobs. Nobody supported me through my uni days, I did it all by myself. University is the final step before getting out into the real world and being self sufficient. They aren't going to learn that valuable lesson if granny is paying out for them!

juliebunny

Ok, so imagine this scenario, the grandparent puts money into a bank account, every birthday and every Christmas, instead of giving the child a gift. Then, due to a fall out, they decide to keep the money for themselves - then how can that be right?
As for travelling the world spending family inheritance - the answer to that one is easy - SPEND THE LOT YOURSELF (or donate to charity) NOW AND ENJOY IT! My dad loves to tell me every time he books a holiday that he is 'spending our inheritance' and we have a good laugh about it - crack on Dad, is what I say, I don't need your money and would much rather see you enjoying it, having worked hard for it all his life.
With us all living longer, most inheritances are coming later in life when we often are already established ourselves. I would not leave money to anyone under 25 years old as I've seen too many young 'uns fritter it away.

peachyprice

juliebunny wrote: »

Ok, so imagine this scenario, the grandparent puts money into a bank account, every birthday and every Christmas, instead of giving the child a gift. Then, due to a fall out, they decide to keep the money for themselves - then how can that be right?

By your logic every child has a god given right to birthday presents and christmas presents and every grandparent is obliged to give. Really?