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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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I have been paying over a 10 year period, an insurance policy

Resolved Question:

I have been paying over a 10 year period, an insurance policy for my child which matured about 2 years ago. when i recieved the cheque i put it into an ISA for 3 years which matures this year in December. Due to personal issues / problems with my son regarding drug abuse, i am desperate not to allow him to benefit from the fund in December. Is there any way i can stop him from recieving the money which amounts to about £3000.
Submitted: 3 years ago.
Category: Law
Expert:  Senior Partner replied 3 years ago.
Can you give me some more information please.
In whose name was the insurance policy? Your or his?
How old is your son? In whose name is XXXXX XXXXX account. Yours?
Can you let me have as much background as possible? thanks


Senior Partner and 2 other Law Specialists are ready to help you
Customer: replied 3 years ago.

Hi, when i was paying the insurance policy it was in my sons name but it was being paid by D/D from my account each month to the insurance company. I started the policy when he was a little boy which matured about 2 years ago. I put the chq into building society into an ISA for 3 years in my sons name thinking everything was fine. As he has got older (now 17) things have sadly changed for the worst.I dont want good clean money which has been earned by myself going to a waster to spend on drugs.

Expert:  Senior Partner replied 3 years ago.
You say the ISA is in your sons name but is he a signatory on the account? I ask because as you will appreciate, if you give money to your son then you cannot tai fit back and it is likely that legally it is on trust until he is 18 at which point he will be entitled to it. The only way you can prevent an adult wasting his or her own money on drugs would be to have them sectioned under the mental health act and get the court to appoint you as their attorney but the reality is that any sectioning is usually only short term. However if you have powers of signature over the account then I would do everything you can to move the money and refuse to hand it over. Does he actually know the fund is there? I the does not then you could dimly not tell him and put the funds somewhere in another trust account until he has over come his current issues.
Customer: replied 3 years ago.

I dont know who has powers of signature, i believe my wife invested it into the ISA & i also believe my son is not aware that he has it. I believe that my son did'nt sign any documents when it was invested although it was invested in his name by my wife.

Expert:  Senior Partner replied 3 years ago.
In that case I would not tell him about it and just keep it in trust but I would suggest if it is in a child ISA you move it before he is 18 and out it in another savings account that only you or your wife have power of signature over
Customer: replied 3 years ago.

Are the Building Society where we invested the isa liable to discuss information with us, even though the isa was put in my sons name.

Expert:  Senior Partner replied 3 years ago.

Well it depends precisely on the terms of the mandate but if you opened it with your son as beneficiary but with your wife as signatory they will have to follow her instructions until he is 18 at least. You need to look at the precise account detail but I would imagine you can move the funds