16th birthday this week.

letthemeatcake

PeacefulWaters wrote: »

Different banks and building societies have different ways of holding money in a child account.

It could be in the child's name. But how bad when the child can access it will vary from place to place.

The child could be the beneficiary on a trustee account. The money's his but he doesn't get it until he's 18 (potentially later in a discretionary trust arrangement).

In the above two cases the grandparents should not be paying their debts off with it unless they can demonstrate that it is beneficial for the child and only the child. But you'd have to take them to court to do this and the costs can often outweigh the value of the account.



It could be in the grandparents' name in respect of the child. In which case it's not the child's money.

It could be in the grandparents' name. In which case it's not the child's money.

Thank you Peaceful Waters. I suppose I'll have to wait and see what happens when he turns 16.

letthemeatcake

Consumerist wrote: »

If your son does not have control over the money then he cannot be expected to declare it as part of his savings.

As far as benefits are concerned the GPs savings do not exist.

But this changes when he reaches 16 this week?

PeacefulWaters

letthemeatcake wrote: »

Are you suggesting I want the money? I've got my own thank you!

Looking at the words you quoted that doesn't appear to be what is being suggested.

letthemeatcake

Why else would they need to pretend there is no money?

ViolaLass

Google says that both PIP and the DLA are not means-tested so I don't see how these savings, whoever's name they might be under, would affect you.

le_loup

OP are you always this argumentative?
Could be the reason that the GPs are being a little shy.

letthemeatcake

Argumentative? I asked if the company/building soc/ bank would be contacting my Son and how would they know his address and got called a bully.

I don't talk to the GP's about this which is why I came on here to ask.

letthemeatcake

ViolaLass wrote: »

Google says that both PIP and the DLA are not means-tested so I don't see how these savings, whoever's name they might be under, would affect you.

With care given by Social services. You have to make a contribution if the child has funds. I know DLA/PIP is non-means tested.

savingmummy

My in laws opened saving accounts for mine just after they were born, the accounts are in the name of the adult on behalf of the child.
They only have the birth certificate to prove that the child exists so that the account can qualify for higher interest rates etc.
So, technically the account belongs to the adult and even the children when they get older will have no power over the account without the adult being there.


My understanding from my MIL is when the children reach 16 a letter will be sent to my in laws address in their name.

letthemeatcake

Thank you saving Mummy that sounds familiar. I know we parents signed paperwork and provided birth certificates when each of the children were born.
Also a debit card or cheque book was issued when they reached 11. GP's mentioned that at one point as they were surprised to get them.