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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34107
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My late father asked me to open an Bank account daughter

Customer Question

My late father asked me to open an Bank account for my daughter (7) at the time, to put in funds for when she was old enough (and when I thought was the right time) to help buy a first car, or deposit on a flat or whatever I saw fit. The Bank account was in my name, but with reference to my daughter's name.
Our relationship has since broken down (on her side) and she changed her name at her 16th birthday. She is now 17 and now wants the money from the account.
The legal question is, do I legally have to give it to her?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is ***** ***** I will do my best to help you
Yes I am afraid that you do have to give it to her - but not until she is 18
Please ask if you need further details
Clare
Customer: replied 1 year ago.
Does the account become my daughter's at age of 18 then?
Customer: replied 1 year ago.
Please could you give me further details Clare?
Expert:  Clare replied 1 year ago.
Hi
No you will have to transfer it to her - BUT it is clear that you hold the money as Trustee on what is called a "bare trust" - so your daughter can sue you for the money if need be
Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you so much Clare for your legal advice, fully satisfied and I wish you success in your chosen career!! Regards Clive
Expert:  Clare replied 1 year ago.
Thank you that is very kind