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Monies in Trust

  • Andymn67
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3 years 3 months ago #494637 by Andymn67
Monies in Trust was created by Andymn67
Hi,

My ex has monies in trust for 2 of my children.

1 child is 16 years old but my ex will not put this money in this child's sole name, he wants to include it in our financial settlement! Can he do this?

1 child is 19 years old & I am her full time carer, but this child has bank accounts in her sole name, again my ex will not put this money in this child's sole name, he wants us to jointly “overseen/counter signed” any withdrawals this child makes. Alternatively he has suggested should she require any funds then I could make a simple request to my ex detailing the amount required by his daughter and how this is to be expended and he will then provide me and/or our daughter with the funds.

Can he do any of this? :(

Is there any thing in law that can help me with this when I go back to court? (I do not have a solicitor).

Thank you

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  • hadenoughnow
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3 years 3 months ago #494732 by hadenoughnow
Replied by hadenoughnow on topic Re:Monies in Trust
Sorry you haven't had a response yet.

This does sound like your ex wants to retain a high degree of control.

I guess a lot depends on what you mean by the money being held in trust and the terms of that. AFAIK, if you/your ex have control of the money, it can be counted when finances are considered.

I would guess you, as parent with care, could ask for the money to be made over to you as part of the settlement. You could then put it in accounts for the children.
It may be a lot more complicated than that because one is over 18 so technically an adult.

Hadenoughnow

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  • tinkerbell1606
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3 years 2 months ago #494752 by tinkerbell1606
Replied by tinkerbell1606 on topic Re:Monies in Trust
My ex attempted this.

Judge stated the family court has no juristiction in the matters pertaining to children accounts, mine were also in trust, with me as trustee.

Despite lots of unnecessary letters between solicitors, they were left as they had been, with me as trustee.

one of ours was also over 16 at the time.

Hope that helps

tink x

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  • spinit
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3 years 2 months ago #494759 by spinit
Replied by spinit on topic Re:Monies in Trust
If he is a trustee then it is his legal obligation to control the money if he doesn't the beneficiaries could take him to court.

In divorce, if your husband is not a beneficiary they will not be declared as his asset as he cannot legally derive any benefit.

Is your husband also a beneficiary? Are you a trustee? Have you seen a copy of the trust deeds? Do you know how much money is in the trust and what the source of that money was?

If you are uncomfortable with him being a trustee you could ask for an additional trustee maybe yourself or a professional to be added as a trustee normally trusts have two or more trustees.

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  • Andymn67
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3 years 2 months ago #494836 by Andymn67
Replied by Andymn67 on topic Re:Monies in Trust
Thanks,

Its a bank account that we set up when the children were born, we both had one, they are the type where money is put in naming you as the trustee for the money in the children's name.
When the children become 16 the account transfers into a savings account but still says Mr **** trustee for ****.

I have asked the bank who confirm that Mr **** is the only one that can withdraw the money, but it can only be via cheque made payable to the child or transferred directly into an account in the sole name of the child.

I have transferred all accounts I had that I was named as the trustee into the children's names, its not difficult.

He just wants to keep control over the children & this is the only way he can do it.

His solicitor advised him to transfer it into the children's names, but he is still refusing!

Hoping court will be able to advise at the final financial hearing in September.

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  • Bubblegum11
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3 years 2 months ago #494838 by Bubblegum11
Replied by Bubblegum11 on topic Re:Monies in Trust
Sounds like a sort of bare trust or child trust fund type thing.
It's the child's money and s/he will have access to it at 18 or 16 (whichever the t&c's state) the trustee has no interest in the money. I think the 19 yr old could simply go into the bank and withdraw/ transfer the money.

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  • wikiliki
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3 years 2 months ago #494840 by wikiliki
Replied by wikiliki on topic Re:Monies in Trust
I also think what bubblegum says is correct , I have a bank account as trustee to my Son when he was a baby . When I enquired, as he is over now over eighteen he can go to the bank with identification and change the account into his own name . So what I would suggest is contact the bank/building society to see what the position is.
Wikiliki

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