Child Court Fund Account

genguskhan

Hi
Our 3 children have money in a court fund account. The eldest is 18 in may and is a vulnerable youngster. We don't want him to blow all his money as it will be in his hands at 18.
We want to put all 3 of the children's money into an ISA to receive a better interest rate.
We have received a form from the court fund to fill in,which then has to be presented in front of a judge. We don't know what form is needed to take it to court to apply for removing funds. Any help would be appreciated and if this is in the wrong section please divert ne to the right place to post. Many thanks

xylophone

If one of the children is vulnerable and there is a large sum involved, it might be better to consider using a discretionary trust for a vulnerable adult for his share.

There are special tax rules relating to such trusts and you would need to consult a solicitor experienced in Trusts.

Some information below.

http://www.pickupandscott.co.uk/vulnerable_person.php

Otherwise, if the money is his absolutely once he reaches 18, he will have the right to absolute control at that age?

With regard to the other children, I am assuming that the money is theirs beneficially and that they too have the right to access and control at 18.

The money will need to be held in a separate account for each child held in bare trust?

It would be possible to deposit the money in a CTF/JISA for up to the subscription limit in each year, with balance held in the bare trust accounts?

Consulting a solicitor will assist?