My question is how best for me to retain control of the money until I feel that she can put it to good use - as was intended when it was given to her. As she turns 18 in a few days time this is fairly urgent.
What further info do you need ?
Does the partner know about the money?
Is she happy for you to keep control of it?
She is currently living at home with me and doing A Levels (when she attends) and I strongly believe she will have told him about it. My feeling is that he is waiting until she is 18 to 'up the ante' on all manner of things - there is no love lost between him and myself as he controls her 100% and what he tells her to do, she does.
No, she will not be happy for me to keep control of the money which is why I need legal advice as to what to do before she turns 18 on 28th Feb.
She has had mental health issues (bullimia, self-harm) for past 3 - 4 years and been under CAMHS / psychiatrist for a couple of years - also was admitted to (mental health hospital for teenagers) in Dec 2011-Feb 2012, and met him (was targeted by him) when she was volunteering in Barnardos Charity Shop (where he had been volunteering - I believe in order that he could continue to get dole money). Incidently, have tries doctor / police / social services, you name it to get her out of his clutches, but no-one interested as she is 17 and 'she can make up her own mind'! Also 4 suicide attempts since she has known him.
Thank you. As youappreciate I can only help you with the legalities and I'm sorry to tell youthat the news is not good.
If a trust is setup with only one beneficiary even though it may specify that the beneficiarydoes not get the proceeds until aged 25 or, at the discretion of the trustees,provided the beneficiary is over 18, they can bring the trust to and under therule in Saunders v Vautier.
If there are twobeneficiaries them both of them have to agree.
If the trust accounthad been set up with your daughter and someone else, with someone else as aminor beneficiary (for a nominal amount) than that of the person would have toconsent.
The situation asit is at the moment is that the bank account is an account which, whilst onlyin your name, holds it on trust for your daughter. Your daughter is therefore Iam afraid legally entitled to the money, if she wants it, aged 18. Although, ifyou will not sign to release it, it can stay there, where it is and she cannotget it without making an application to court.
The situationquite simply, is that she is 18, she is of majority age and she is entitled todeal with her own finances as she feels fit which unfortunately would includespending on alcohol, gambling, or the boyfriend.
At this stage, Iwould probably leave it where it is because moving it serves no purpose.
I appreciate thatthis is not the answer you wanted but there is no point in me misleading you.There is no magic way of keeping her hands off this money.
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Thank you for your answer.
I'm really sorry, but I have just had a reply from someone I phoned before contacting you and they have said that your information applies to only a Bare Trust. She has said that I can set up either a Discretionary Trust or an Interest in Possession Trust (this is the one that she recommends) which would not allow my daughter access to the money until a specified age unless agreed by the trustees.