Reclaiming my share of a family fund trust account when now estranged from family?

NomadicBrit

By chance, I found Martin Lewis's page regarding reclaiming lost assets tonight and after seeing that, I've decided to pursue something i gave up on years ago.

This situations a bit complicated, so I'm gonna try to be as brief as possible.

Growing up, I was told that my biological father deposited £10,000 into a high-risk account (i was told it was a "family fund trust," but from a bit of extra research, i think it might be a bare trust. or if it wasnt a family fund trust at all, it was a savings account). Half of it would split between me and my sister. I was told both my mother and father have to consent in order for me or my sister to withdraw money (edit: i was told they're trustees).

I am now estranged from both my biological mother and father as they were both abusive. I am also estranged from my sister too as unfortunately our relationship broke down as a consequence of the abuse. Part of this abuse includes financial, so it's possible i've been told misleading information or my sister has managed to claim it all for herself already (she has a child now, so i can see both our mum and dad giving their approval).

Additionally, I also changed my name so I'll have to provide proof of ID to the banks. I'm happy to do this, but it does complicate things a bit.

Apologies if any of the above is confusing. I've only begun to educate myself financially the last few years. I tried seeking advice on this before but didn't get anywhere. I thought I'd have to possibly pursue legal action to force them to give consent or conclude my i, but if there's a way I can get my share of this money without that I'd be overjoyed. After finding out about these reclaiming services, I'm keen to try again.

I'd love to know - has anyone been in a similar situation to me and had success?

I signed up to Gretel tonight and may sign up to other pages linked on there too.

Keep_pedalling

If funds could not be released without the permission of your mother and father it sounds like a descresionary trust and they are the trustees. 

NomadicBrit

Thanks for your comment Keep peddling. I didn't know discretionary trusts even existed. It's also jogged my memory because yes, I was told my mother and father are the trustees of the account.

I've got no idea whether it is a discretionary trust or not. I was never told anything about this account or given any details as to what it is, such as the provider.

Reaper

You have not given any ages or dates but depending how long ago it was maybe it was a CTF (though your father would not have been able to invest a single £10k lump sum, but maybe 2 policies for you and your sister of £5k each.
You can try to trace a CTF here:
https://www.gov.uk/child-trust-funds/find-a-child-trust-fund

You say it was a "Family Fund Trust", so perhaps it was a "Family Child Trust Fund"

NomadicBrit

Thanks Reaper! Neither me or my sister have a CTF as we were born before September 2002. is there an equivalent scheme for before that date? i was born in August 1997.

mattojgb

There are child savings account which operate on trust until the child reaches 18 (e.g. Yorkshire BS  One Day account).

NomadicBrit

mattojgb said:

There are child savings account which operate on trust until the child reaches 18 (e.g. Yorkshire BS  One Day account).

Yes, i think this is the type of account I'm looking for (whether it's in or out of trust I don't know). I've done a bit more research and found this page, which has helped clear up a lot of doubts.

My question now - how can i find out the provider of the account without talk to my abusive mother/father? I don't think they'd tell me anything (especially as i've now been no contact for years), and sadly the family I am in contact with don't know anything about this account.

if there's a resource like the find a child trust fund link shared earlier, i'd love to know so i can contact them directly and get my share.

mattojgb

If the account is in your name the lost account service should d be able to find it. If it's not in your name I think it's unlikely you will be able to make any claim on the money.

NomadicBrit

does the lost account service find child savings accounts? (ie. not child fun trusts)

mattojgb

NomadicBrit said:

does the lost account service find child savings accounts? (ie. not child fun trusts)

As long as the account was in your name and with a traditional bank/ building society/ NS&I, it should be able to find it.