Junior ISA

whodhaveateenager

Hi. I’m trustee in a junior ISA. My son is 17 and has been a problem teen for years. He isn’t mature enough to cope with the amount of money he’s due when his JISA matures soon. Contacted the bank to see if I can do anything to safeguard the funds (he’s already spent it on a holiday for his pals, a computer and designer trainers). Bank said unless I have power of attorney etc there isn’t a thing I can do to stop him spending the whole lot. It’s not what his dad and I started saving for when he was a baby and I’m so upset and frustrated. Can anyone help? Surely this situation isn’t unique? Thanks in advance 

eskbanker

JISA money is his to do with as he sees fit when he turns 18 - if you wanted to retain control beyond that then you'd have needed to set up a trust arrangement instead of a product that allows access automatically, so at this stage there isn't anything that can be done other than what the bank have already suggested.

dunstonh

 I’m trustee in a junior ISA. My son is 17 and has been a problem teen for years.

Junior ISAs are not held in trust.   

 It’s not what his dad and I started saving for when he was a baby and I’m so upset and frustrated.

If it's not what you wanted why did you use a JISA?   There are alternatives where you could have controlled the access.

Can anyone help? Surely this situation isn’t unique?

There is nothing you can do.   The money is his at 18.    The thing to do was get it right to begin with.  It is too late now.

Speculator

whodhaveateenager said:

Hi. I’m trustee in a junior ISA. My son is 17 and has been a problem teen for years. He isn’t mature enough to cope with the amount of money he’s due when his JISA matures soon. Contacted the bank to see if I can do anything to safeguard the funds (he’s already spent it on a holiday for his pals, a computer and designer trainers). Bank said unless I have power of attorney etc there isn’t a thing I can do to stop him spending the whole lot. It’s not what his dad and I started saving for when he was a baby and I’m so upset and frustrated. Can anyone help? Surely this situation isn’t unique? Thanks in advance 

Don't you need to be 18 to access the money?

eskbanker

Speculator said:

whodhaveateenager said:

Hi. I’m trustee in a junior ISA. My son is 17 and has been a problem teen for years. He isn’t mature enough to cope with the amount of money he’s due when his JISA matures soon. Contacted the bank to see if I can do anything to safeguard the funds (he’s already spent it on a holiday for his pals, a computer and designer trainers). Bank said unless I have power of attorney etc there isn’t a thing I can do to stop him spending the whole lot. It’s not what his dad and I started saving for when he was a baby and I’m so upset and frustrated. Can anyone help? Surely this situation isn’t unique? Thanks in advance 

Don't you need to be 18 to access the money?

Since "his JISA matures soon", he's probably 'spent it' mentally rather than literally....