Child Trust Fund problem

Magpie170808

My daughter has a Child Trust Fund (CTF) that is currently worth just under £2000. She has autism. I am certain she won't be able to claim the money herself when she's 18, let alone make any decisions about how to spend the money.
My CTF provider makes it crystal clear that only my daughter will be able to access the money when she's 18. I stopped paying in when I realised the extent of her disability because of this rule. I was thinking of transferring the money to hopefully a better performing fund or possibly paying some more in but there would be no point if the money would be lost forever. Any advice much appreciated.

xylophone

See http://www.sharedealactive.co.uk/enquiry/jisa_info.html

"If a child is between 16 and 18 years of age, they can become the registered contact for their account at any time, and without the consent of an existing registered contact (subject to an exception for children suffering mental disorder). Once the child account holder has assumed registered contact status, this cannot be passed to another person.

What do the terms and conditions of your CTF say concerning a child who is suffering a developmental/mental disorder?

If the degree of autism renders your child incapable of managing his financial affairs, (perhaps like one child I knew who never developed speech or the ability to lead an independent life) then you will need to seek the necessary powers?

Reaper

All you need is a Lasting Power of Attorney which will then allow you to control all her finances, even accounts that are solely in her name.

This link may be of use:
http://www.autism.org.uk/living-with-autism/at-home/caring-and-planning-for-the-future/lasting-power-of-attorney.aspx

Magpie170808

Sounds very complicated over what isn't going to be a life-changing sum of money. Looks like the money will be going to HM Treasury at some point in the distant future, then. C'est la vie...

xylophone

Your provider must have special arrangements for a child with a mental /developmental disorder - see page 13 here for example

http://www.familyinvestments.co.uk/downloads/junior-isa/junior-isa-important-information.pdf

And will you not have to make arrangements to be your child's Appointee for benefits etc if she is as handicapped as you indicate?

I knew a child with the classic Kanner's syndrome (see above) who would never have been capable of running his own financial affairs and also two young people with Asperger's Syndrome and Fragile X who can lead relatively normal lives but whose parents deal with financial matters of all kinds.