Child left savings account, how do we access it?

xylophone

In re accounts belong to the account holder (not the child) so form part of the estate on death.

While this is the case with stocks and shares types plans, ( where the providers tend to be very clear about "bare trust and "designated" accounts) it is just possible (but bearing in mind what westie has said in his post above if this is a save4it or similar) that this was a bare trust type account.

I can quite clearly remember that in the old guidance that used to be available from HMRC, specific reference was made to "re" accounts for children held by (eg) parent for child, where the account was a "bare trust" arrangement.

This is why in my posts 3 and 8 above I asked for the name of the account - if it was specifically a child account, it is more likely that whether the BS/Bank recorded "re" or "for" that the account was in fact the child's - I also asked whether an R85 had been registered on the account for the child which would also clarify the matter.

I seem to remember that this matter came up before in relation to a Lloyds account that was run on similar terms to those described by westie above.

I was myself a joint bare trustee for a minor child where as well as stocks and shares, various cash deposits were held (including building society fixed term bonds) but the names of the adults were registered as "Trustees" for the avoidance of doubt.

sheramber

shamac wrote: »

Thanks to you all for your detailed replies. Inside the front cover it says Mr J Bloggs (granddad) re: Susie Brown (my daughter). There was no will, he had nothing to leave of any value. The next of kin is unlikely to be found, he married my mum later in life and we didn't really know his family. I only have a name, which is quite a common one and know they lived abroad-needle in a haystack time.

If he married your mum how is he your FIL?

Is your mum not his next of kin?

atush

Exactly what i was thinking

PeacefulWaters

xylophone wrote: »

While this is the case with stocks and shares types plans, ( where the providers tend to be very clear about "bare trust and "designated" accounts) it is just possible (but bearing in mind what westie has said in his post above if this is a save4it or similar) that this was a bare trust type account.

I can quite clearly remember that in the old guidance that used to be available from HMRC, specific reference was made to "re" accounts for children held by (eg) parent for child, where the account was a "bare trust" arrangement.

This is why in my posts 3 and 8 above I asked for the name of the account - if it was specifically a child account, it is more likely that whether the BS/Bank recorded "re" or "for" that the account was in fact the child's - I also asked whether an R85 had been registered on the account for the child which would also clarify the matter.

I seem to remember that this matter came up before in relation to a Lloyds account that was run on similar terms to those described by westie above.

I was myself a joint bare trustee for a minor child where as well as stocks and shares, various cash deposits were held (including building society fixed term bonds) but the names of the adults were registered as "Trustees" for the avoidance of doubt.

Westie has pretty much nailed down the procedures Halifax have had for decades.

xylophone

Westie has pretty much nailed down the procedures Halifax have had for decades.

I didn't say that he hadn't.

(but bearing in mind what westie has said in his post above if this is a save4it or similar)

I seem to remember that this matter came up before in relation to a Lloyds account that was run on similar terms to those described by westie above.

However, I did say that the name of the account should be checked and also that in respect of a BS/bank account the "re" might not necessarily indicate a "designated" account held within the adult's estate.

For example http://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

is clearly the child's account though managed by the adult.

As is http://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

That said, I've no idea whether "re/, "for"/"in trust" etc is shown on these accounts because I have never held one - another poster may well know.

Apodemus

I still wonder, if the OP is barking up the wrong tree here. There are mechanisms for potential beneficiaries to pursue estates where there has been no will. Lots of advice at https://www.gov.uk/inherits-someone-dies-without-will

Westie983

xylophone wrote: »

I didn't say that he hadn't.

However, I did say that the name of the account should be checked and also that in respect of a BS/bank account the "re" might not necessarily indicate a "designated" account held within the adult's estate.

For example http://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

is clearly the child's account though managed by the adult.

As is http://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

That said, I've no idea whether "re/, "for"/"in trust" etc is shown on these accounts because I have never held one - another poster may well know.

Kids Regular savers are opened in the childrens name only and no re or trust named, apart from the linked adult documented on presentation of sort code and account number, completely different account to a save 4 it or Liquid gold which are/were passbook accounts and were opened in nominated adults name re the child.