Trust & JISA - How to consolidate

silvercue

Hi,

I have a JISA for my son.  After it was set up I found out his mum has a Trust Fund for him that she pays into regularly.   Later, I discovered you cannot have both, so I need to try and combine them and JISA, being the newer product, seemed the best vehicle.  

The JISA is with Moneyfarm and they suggested that we transfer the Trust to the current JISA, but have now said the Trust needs to be in the same name as the JISA in order to do this, but it is not. 

They have said the Trust needs to be converted into my name first, but my son's mum will simply not agree to that.  They have also said all providers will be the same.  This seems a bit odd to me.

I wonder if anyone has any experience in doing something similar, or any insight that may help.

Thanks

xylophone

After it was set up I found out his mum has a Trust Fund for him that she pays into regularly.

https://www.gov.uk/child-trust-funds

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

Could you be specific - is this a Child Trust Fund (the predecessor of the Junior ISA)?

Or is it simply a children's savings account held in trust by your wife for your son?

With regard to a CTF or JISA, the only name  such accounts can be in is that of the child himself.

Do you mean that the registered contact  (if this account is indeed a CTF) is your child's mother while you are the registered 

contact on the JISA?

You do realise that whether CTF or JISA, only the child will be able to access the money within it, (not the registered contact) 

when he turns 18?

silvercue

xylophone said:

After it was set up I found out his mum has a Trust Fund for him that she pays into regularly.

https://www.gov.uk/child-trust-funds

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

Could you be specific - is this a Child Trust Fund (the predecessor of the Junior ISA)?

Or is it simply a children's savings account held in trust by your wife for your son?

With regard to a CTF or JISA, the only name  such accounts can be in is that of the child himself.

Do you mean that the registered contact  (if this account is indeed a CTF) is your child's mother while you are the registered 

contact on the JISA?

You do realise that whether CTF or JISA, only the child will be able to access the money within it, (not the registered contact) 

when he turns 18?

Thanks for reply.

It is a child trust fund

I assume they mean the registered contact.  Here are the exact words copied+pasted from Moneyfarm on the subject:

"...when transferring funds it will need to be in the same parent's name otherwise the transfer will be rejected. Annoyingly this will be true with all providers. So it may need to be converted into your name before the transfer"

Yes, I understand that only the child can access the money.

We are simply trying to comply with regulation, which says he can only have a JISA or a CTF and not both, which he currently has.  This can't be unique to me

xylophone

We are simply trying to comply with regulation,

You and your son's mother?

If so, then clearly you need to co - operate  so that the registered contact is the same on both accounts.

Is it possible to change the registered contact on the Moneyfarm account into your wife's name?

Then as registered contact on the CTF she can request the transfer of one into the other?

As previously stated, only your son will be able to take money from these accounts and that not until he is 18 years old.