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Unwanted Endowment
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Anthony101
Posts: 3 Newbie
Hi, is there any help with this rather complex issue. I opened an endowment (savings) for a friends child about 15 years ago and have paid it ever since. It has now matured and due to his (the person I opened the account for) family situation he doesn't want the money. I was wondering, as I have been paying this for years (from my bank account), where I stand - as I don't want the provider to keep the money. Can I claim this as they are aware I have been paying it from my account?
Many thanks
Many thanks
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Comments
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Was the endowment policy placed in trust with the other person named beneficiary? or was it set up with them as the policy owner or assigned to them?I don't want the provider to keep the money.
They can't and won't.
Can I claim this as they are aware I have been paying it from my account?The owner can claim it. Whether that is you or a trust you will need to tell us.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
So the endowment is in Name A, whilst Name B has been paying it?Name A gets the money.Maybe (MAYBE) Name A could contact the company and ask for the cheque to be made out to Name B? I have NO idea if thats possible.Presumably there is something stopping Name A immediately paying the money to Name B the day they receive it?0
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Read the small print in case such a situation is mentioned and if that's no help the providing company may have experience of such a situation, so ask them. If the person to whom the policy is payable, is on benefits, they cannot just give away the money as that would be deprivation of assets and they would be treated as though they still have the money.1
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You took- out a life policy on someone else's child ??
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Was this a policy you took-out on your own life and which was placed in trust and now the policy is about to mature you say the former child 'doesn't want the money' but from your post, you it seems do ??
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Isn't the easiest solution to have them just give you the money if they don't want it?Think first of your goal, then make it happen!1
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due to his (the person I opened the account for) family situation he doesn't want the money.
Can you clarify?
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On the assumption that the policy is written in trust, Anthony101 needs to read the documentation to see how the policy was set-up and look for any mention of other classes of beneficiary and of a default beneficiary
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