Cancelling a children's isa due to change in circumstances

xylophone

My husbands parents set up a children's ISA for when their granddaughter reaches 18

Unless they were the child's legal guardians they were unable to do this - do you mean that you/your husband opened a JISA and your daughter's grandparents contributed?

https://www.gov.uk/junior-individual-savings-account

Open an account
Only parents or a guardian with parental responsibility can open a Junior ISA for under 16s.


Money in a Junior ISA belongs to your child and cannot be taken out until they’re 18, though there are exceptions to this.

The registered contact can take money out of a Junior ISA early if a child’s terminally ill.

‘Terminally ill’ means that the child has a disease or illness that is going to get worse and is not expected to live more than 6 months.

If your child dies
If your child dies, any money in their Junior ISAs will be paid to whoever inherits their estate.

This is usually one of the child’s parents, but it could be their spouse or partner if they were over 16 and married or in a civil partnership.

in_my_wellies

My parents opened some sort of savings account for me in 1957 to be paid out on my 16th birthday. A short while later they had a conversation with a financially savvy person who asked them what would I would be like when I was 16? Would I be responsible with money? Would I spend it on cigarettes, booze or drugs or just fritter it away? Would I leave home, etc, etc? Who could tell? They stopped paying in. Just before I was 16 a letter arrived for me to sign granting me the sum total of £1.14

AnotherJoe

And I bet you got so wasted you cant even remember what you spent it on.

atush

do you mean that you/your husband opened a JISA and your daughter's grandparents contributed?

I dont beleive the daughter i question is the OPs daughter. This feels like a second wife, and her husband, who dont have contact with the daughter.

What i suggest, instead of taking money from children, if for the father to support the child financially (many who are estranged dont) and to repair their relationship. And for any second wives/husbands/step parents to keep well out of it.

xylophone

I dont beleive the daughter i question is the OPs daughter. This feels like a second wife, and her husband, who dont have contact with the daughter.

Then presumably the OP's husband opened the JISA, gave his parents the details of the account and they are contributing/have contributed to the account in question.

Presumably, too, he is the "registered contact" (and so controls the account, at least until his daughter is 16) but he cannot access the money (except in the very sad circumstances set out in my post above).

calleyw

If it was my husband I would be very ashamed of him. I would never allow him to treat his children like that. Estranged or not.

You seem to be condoning the behavior with a comment like this "This seems ridiculous as people's circumstances change. It is against my husband's wishes that the grandparents want to pass on the money."

Its his parents money and they can do what they want with it. None of your husbands business. Its now the child' money. And why would you want to a punish a child like that. Seems very petty and childish.

Yours

Calley x

londoninvestor

AnotherJoe wrote: »

And I bet you got so wasted you cant even remember what you spent it on.

I guess £1.14 would still have bought a few pints in 1973!

Flobberchops

I wonder if the OP will dare return to clarify the situation after that drubbing.



A gift is just that; a gift. You can't take it back if "circumstances change" (i.e., if you decide to punish your own daughter after presumably breaking up with her mother - father of the year material here!). The only "ridiculous" thing on display here is the petty and spiteful attitude exhibited by at least two of the grown adults in this scenario. Not sure what more I can say, really.

pearl123

Sunflowerpower wrote: »

Is there anything that can be done?

Yes, think of the child.

atush

Then presumably the OP's husband opened the JISA, gave his parents the details of the account and they are contributing/have contributed to the account in question.

No, it could well be the child's actual mother who opened the account.