Cannot withdraw funds from Halifax PIP due to absent/unwell trustee

bronzeangel101

Hi

I took out a PIP (Personal Investment Plan) with Halifax for my sons around 15 years ago. I recently tried to withdraw the funds for the older one for his 21st birthday.

However I was reminded that I would need the signature of my sister who I had originally enlisted as a trustee. Sadly, without going into the personal details, circumstances are such now that this is all but impossible.

Halifax told me that there is nothing I can do other than to get legal assistance if I want to get the money to them.

It seems ridiculous that I should have to either wait until she has passed away (that is not necessarily any time soon) or pay expensive legal fees.

Does anybody here have any experience in this sort of thing?

Thanks

AnotherJoe

Imagine the opposite.
I went to transfer my sons money and found it had gone years ago, my ex partner had said the trustee was ill and so so just on their say so they just transferred the money to their son not mine!! . Surely they should have insisted on following legal procedures ?

bronzeangel101

Sorry to hear about that.

I don't disagree in the sense I realise the importance of having general safeguards in place. I guess it's just frustrating in my case, given the circumstances that it was just myself who set up the fund and I just want my son to be able to retrieve what's rightfully his.

Having my sister as a trustee was a required formality at the time and I could not have anticipated how things would pan out with her. She does not really have anything to do with it beyond that.

Just wish there was an easier way to get this sorted

Zanderman

bronzeangel101 wrote: »

Sorry to hear about that.

I think AnotherJoe was posting a hypothetical scenario, not reporting actual experience but to make a point.

daveyjp

I've had experience in a professional capacity.

You do need legal advice from a trust lawyer.

My case involving a deceased trustee took three years to resolve.

arsenalboy

If your sister cannot carry out financial responsibilities, has a Power of Attorney been granted? If so they could act in her place for your PIP.

Reed_Richards

When you made your sister a trustee you gave her as much legal ownership of the assets in the trust as you have, even though you were the one who contributed the funds. You most both act according to the Deed of Trust. If she is incapable of fulfilling her role or unwilling to cooperate then you do need legal advice. You might want to consult a different lawyer to the one who helped you set-up the trust if they did not mention this potential downside at the time.

AnotherJoe

Zanderman wrote: »

I think AnotherJoe was posting a hypothetical scenario, not reporting actual experience but to make a point.

Indeed. Thank you Zanderman.

badger09

bronzeangel101 wrote: »

Hi

I took out a PIP (Personal Investment Plan) with Halifax for my sons around 15 years ago. I recently tried to withdraw the funds for the older one for his 21st birthday.

However I was reminded that I would need the signature of my sister who I had originally enlisted as a trustee. Sadly, without going into the personal details, circumstances are such now that this is all but impossible.

Halifax told me that there is nothing I can do other than to get legal assistance if I want to get the money to them.

It seems ridiculous that I should have to either wait until she has passed away (that is not necessarily any time soon) or pay expensive legal fees.

Does anybody here have any experience in this sort of thing?

Thanks

Have you actually approached your sister? If not, you might at least try that before incurring any legal expenses.

Mojisola

bronzeangel101 wrote: »

I took out a PIP (Personal Investment Plan) with Halifax for my sons around 15 years ago. I recently tried to withdraw the funds for the older one for his 21st birthday.

However I was reminded that I would need the signature of my sister who I had originally enlisted as a trustee. Sadly, without going into the personal details, circumstances are such now that this is all but impossible.

It's difficult to be helpful without knowing the reasons for this but would your sister be helpful if your son approached her or wrote to her asking for her co-operation?

xylophone

"All but" but not actually impossible?

Is the problem that you have fallen out with your sister or that your sister has lost capacity?