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Kids savings account v overpaying mortgage
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Does your daughter want to pay your mortgage with her money, or are you intending to steal it back from her in order to pay the mortgage?Haha, 'steal it back' when I'm still the trustee
I don't know why you're laughing OP.
You would be the trustee of your daughter's money in your daughter's account, so Zorillo's right when he/she asks if you're going to steal it back.
Apparently you think sealing from your daughter is funny.
I'm glad you're not my dad.
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Haha, 'steal it back' when I'm still the trustee
That comment suggests that you don't undersand the nature of being a trustee. You are obliged to act in the best interest of the child, and may not use the money as if it were your own.
If you put the money into your daughter's account it stops being your money and becomes hers. She has an inalienable right to that money, as you have gifted it to her.
It is illegal to use a child's account as you are proposing.0 -
I perfectly understand. In our opinion, for the next good few years, the best interests of my (now) 18 month old daughter coincide perfectly with our financial health as a family. You might not share that opinion, but that isn't your decision to make.
As far as we are concerned, saving money on interest, having better flexibility of access to cash, etc are all in her best interests. As her parents, whether you like it or not, we have the right to decide that.
You are entitled to your opinion and if you think that is illegal, we'll agree to disagree. I came on here to get an idea of what the implications were of doing what I was proposing, I got some helpful replies and I am grateful for that. :money:ValiantSon wrote: »That comment suggests that you don't undersand the nature of being a trustee. You are obliged to act in the best interest of the child, and may not use the money as if it were your own.
If you put the money into your daughter's account it stops being your money and becomes hers. She has an inalienable right to that money, as you have gifted it to her.
It is illegal to use a child's account as you are proposing.0 -
I think the point you are missing is that your intentions breach the terms and conditions of the account in that once given the money ceases to be yours, you are merely a trustee of her money. At some point in the future if you want to reclaim the money then your daughter would have to give it back to you rather than you just taking it.
If you just took it without her permission then you have, in effect, stolen it. Whilst it is unlikely to incur a visit from the police, your daughter could chose to sue you for the money and she would be successful.0 -
I get it. I got it early on in the thread when one of the posters very helpfully highlighted that the money would be my daughter's, with me looking after it as a trustee. I then looked up what being a trustee meant.
That was followed by some unnecessarily patronising and flippant comments to which I replied in a similar vein.
At the risk of stating the obvious, I will of course do my best to not do anything that would be illegal, just to save a bit of money.I think the point you are missing is that your intentions breach the terms and conditions of the account in that once given the money ceases to be yours, you are merely a trustee of her money. At some point in the future if you want to reclaim the money then your daughter would have to give it back to you rather than you just taking it.
If you just took it without her permission then you have, in effect, stolen it. Whilst it is unlikely to incur a visit from the police, your daughter could chose to sue you for the money and she would be successful.0 -
I perfectly understand. In our opinion, for the next good few years, the best interests of my (now) 18 month old daughter coincide perfectly with our financial health as a family. You might not share that opinion, but that isn't your decision to make.
You clearly don't understand. The law is very clear: the money becomes hers, and you cannot use it as if it were yours. It isn't a matter of what my personal view is, I'm talking about what the law says!As far as we are concerned, saving money on interest, having better flexibility of access to cash, etc are all in her best interests. As her parents, whether you like it or not, we have the right to decide that.
No you don't. Once the money is given to her, you cannot use it as if it were your own. It really is very simple.You are entitled to your opinion and if you think that is illegal, we'll agree to disagree.
Again, this isn't my opinion, it is the legal position! No, I'm not going to agree to disagree; the law is very clear about beneficial ownership and bare trusts. You are proposing to behave contrary to the law. This is not a grey area where we can agree to disagree.I came on here to get an idea of what the implications were of doing what I was proposing, I got some helpful replies and I am grateful for that. :money:
Yes, and one of the implications is that the money no longer belongs to you, and you cannot use it as if it does. Doing so would be theft.0 -
I get it. I got it early on in the thread when one of the posters very helpfully highlighted that the money would be my daughter's, with me looking after it as a trustee. I then looked up what being a trustee meant.
That was followed by some unnecessarily patronising and flippant comments to which I replied in a similar vein.
My comments were neither patronising, nor flippant. You didn't like them because they didn't fit with what you wanted to do.
Too often people come on here with a half-baked plan and ask us what we think. When we tell them that it is half-baked and point out the problems and pitfalls they take umbrage and start getting shirty about it. If you don't want honest answers, then don't ask the question!At the risk of stating the obvious, I will of course do my best to not do anything that would be illegal, just to save a bit of money.
Then don't use a children's savings account in the manner that you first suggested.0
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