Halifax trustee savings account..am trustee but can't touch money!

curtainsplitter

So my dad set up a halifax trustee account for me. He's now f'ed off and got remarried and left the country. The trustee account was in his name and to me and has both our names on it, as when it was set up I was only 2. I've written to Halifax to ask if I can withdraw the funds and close the account but they refuse to give me any of the money even though am trustee of the account and say only my dad can withdraw it. Shouldn't when I was 16 I have got the account anyway? I just wondered what my consumer rights are

vuvuzela

How long was the money put into trust for ? It may be when you turn 18 or 21 - you should ask them this.

curtainsplitter

I'm not sure how long it was out into trust for but am past 21 now and they still won't let me touch the money.

wealdroam

Try posting your query on the banking board.

There may be more people there who know about trusts.

eranou

Giving that you were under 18 when the account was opened you will not be a trustee but it is likely that you are named as the beneficiary.

It is the trustees jobs to ensure that the account is administered for the beneficiary, a beneficiary has no rights to administer the account.

Trusts don't always mean that the trusts assets automatically pass to the beneficiary ownership when they reach a certain age, it may require that the trustees assign the account to the beneficiary.

As the trustee is unwilling to act you may need to apply for a court order for a judge to sign on his behalf.


*This is only my understanding of trusts & is basic info, you may need to seek legal advice but whether or not this is worth it depends on the amount of funds in the account.