Endowment 18th birthday query?
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Happyperson
Posts: 3 Newbie
Hi people I would love your help and advice please.
I am due an endowment for my 18th in a few days time. It has been paid for 18 years by (recently divorced) parents.
Problem = my dad is threatening to not let me have access to it when it matures soon.
Can he do this??? I have recently given birth to a baby boy and was relying on the endowment to help me out right now (approx £1,200).
Any help or advice would be greatly appreciated...thank you for reading people.
I am due an endowment for my 18th in a few days time. It has been paid for 18 years by (recently divorced) parents.
Problem = my dad is threatening to not let me have access to it when it matures soon.
Can he do this??? I have recently given birth to a baby boy and was relying on the endowment to help me out right now (approx £1,200).
Any help or advice would be greatly appreciated...thank you for reading people.
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Comments
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Whose name is it in ?0
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Hi,
It's in my own name - but was set up by my parents.0 -
Then I don't see how your dad can prevent you getting the money, the cheque will be made out in your name. If he physically prevents you getting it by withholding the cheque, you could go to the police if the endowment company won't send a new one to your address (I presume you aren't living with your dad) and if he attempted (or did) pay it into his bank account at would be fraud.
Things must be at a pretty low pass between you and him I guess he isn't very happy with your life choices and this thread would be better off in one of the family forums rather than this one where endowments really means stuff to do with buying houses.
I don't know how to ask a moderator to move it though,0 -
The life assured might be in the OP's name but is the endowment policy itself? That's the key determinant as to who the policy will pay out to.0
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You have three levels.
1 - policy owner
2 - life assured
3 - beneficiary if in trust.
Option 2 - life assured - does not have any ownership rights. The other two 2 with option 3 being the key one when there are children. If the policy is in trust with the op named as beneficiary then it belongs to them. If it is an absolute trust, then the beneficiary cannot be changed. If it is a flexible trust then the beneficiary can be changed by the trustees.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.0 -
Many thanks for such quick replies, the policy is definitely in my name. It's very likely the cheque will be sent to my dad so am I right to say I'll then need to contact Royal London and explain the situation?0
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Happyperson wrote: »Many thanks for such quick replies, the policy is definitely in my name. It's very likely the cheque will be sent to my dad so am I right to say I'll then need to contact Royal London and explain the situation?
They should write first asking where to send the cheque.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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