Bank account for a 15yr old with a deposit of £45,000.00

NorthernTreecutter

Zanderman said:

elsien said:

Is it possible to open an account with a child without the parent’s cooperation and sharing relevant ID documents et cetera?
How did the company know that the parent is a drinker and in debt, and get your contact details? Are you communicating with them directly, and in what capacity? 

I'm guessing this may relate to the OP's previous thread here: 

https://forums.moneysavingexpert.com/discussion/6502449/trustee-bank-accounts

Though that was over 18 months ago.

Yes it is, The company has been restructuring so people who where dealing with it left & it took ages for the new people to get up to speed.
He has an account but waiting for the company to get back to us if its one they can deposit in.

NorthernTreecutter

Grumpy_chap said:

NorthernTreecutter said:

Me & my partner are trying to find a bank account for our 15 year old Nephew. His dad passed away 2 years ago at work & his employer had Death in Service policy so the first deposit is roughly £45000.00. The only thing is that they live 200 miles away.

NorthernTreecutter said:

The mother has a drinking problem & serious debt so the children wouldn't receive it & she was divorced from their dad. Originally it was meant to go into a Trust fund but now the company want to pay direct to children. 

Who is now your Nephew's Guardian or adult with parental responsibility? 
Have Social Services deemed that his Mother is not fit to fulfil the role?  If not, then the Mother (regardless of your thoughts on the matter) may be the one to have to support on this.

The company has tried to contact the mother but because she has not bothered replying to them , they have contacted the auntie who was meant to be one of the trustees in the original plan.

The company are worried that if the mother can get access to the funds she will use it to pay her debts off. 
Its a very long story but if there is a problem she just sticks her head in the sand so to speak & listens to what her mates down the pubs say. Its very complicated 

NorthernTreecutter

elsien said:

Is it possible to open an account with a child without the parent’s cooperation and sharing relevant ID documents et cetera?
How did the company know that the parent is a drinker and in debt, and get your contact details? Are you communicating with them directly, and in what capacity? 

The company got intouch after the death & informed us about the policy. It was then it was decided to go into a Trust fund but now they are just planning on paying into the kids accounts. They where informed about the drink & debt by the father's mother & yes we are, we had meetings in person & via email.

elsien

Nothing to stop the 15-year-old just handing some of  it over to his mum anyway then? Or otherwise making extremely unwise decisions with it. 

Sounds like a very poor plan to me. I think to safeguard the child, I would be pushing back on this proposal and going with the original Trust suggestion. 

retiredbanker1

Speak to somebody like Cater Allen who deal in Trust accounts.
Then complain fiercely to the company - they should not be allowed to pay £45k to a child.

NorthernTreecutter

elsien said:

Nothing to stop the 15-year-old just handing some of  it over to his mum anyway then? Or otherwise making extremely unwise decisions with it. 

Sounds like a very poor plan to me. I think to safeguard the child, I would be pushing back on this proposal and going with the original Trust suggestion. 

We agree but its the companies decision hence why it needs an adult signature like his auntie 

elsien

If I was auntie, I would not be signing in the circumstances that you have given. She is then taking on responsibility for some very poor decision-making on the part of the pension provider. 

NorthernTreecutter

elsien said:

If I was auntie, I would not be signing in the circumstances that you have given. She is then taking on responsibility for some very poor decision-making on the part of the pension provider. 

Its not a pension. Its a death in Service payment as he just dropped dead at work 

xylophone

Would it be possible for your partner to open this account  (child is beneficial owner)

https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-trust-saver

and arrange for the money to be paid into it?

When the nephew is 16 he can open a JISA for himself and money can be transferred frm Skipton as required.

When he reaches 18 funds in both accounts would be available to him.

B0bbyEwing

Zanderman said:

elsien said:

Is it possible to open an account with a child without the parent’s cooperation and sharing relevant ID documents et cetera?
How did the company know that the parent is a drinker and in debt, and get your contact details? Are you communicating with them directly, and in what capacity? 

I'm guessing this may relate to the OP's previous thread here: 

https://forums.moneysavingexpert.com/discussion/6502449/trustee-bank-accounts

Though that was over 18 months ago.

I must be the only one on here who doesn't go delving in to peoples previous threads. I just take things as a per-thread basis.

Everyone seems to be at it.