Is your child unable to access their Child Trust Fund?
It is believed that thousands of children turning 18 from 1 September 2020, will be in control of their Child Trust Fund.
For those who do not know, The Child Trust Fund was set up in 2005, which meant that children born between 1 September 2002 and 2 November 2011 received a voucher from the Government to invest in this Tax-free savings account. Parents could also top up the account with extra funds and when their child turned 18, they would take control of the funds held in the account, including the interest accrued.
Recently however, there have been reports in the Press that many young people are unable to access these funds on turning 18 because they lack the mental capacity to manage their own money. At present, in order to access the funds, families will need to apply to the Court of Protection to act as that person’s Property and Affairs Deputy. In many cases there are simply not the funds to warrant a deputyship application.
However, there is hope as campaigners and providers of the Child Trust Fund are currently in discussions with the Government to come up with a solution to this problem.
In the meantime, here at Wolferstans we understand that young vulnerable people who are affected by this will need that money to improve their start into adulthood. We are therefore offering families the chance to speak to a member of our Court of Protection Team for some free advice as to how they can obtain an Order to access those funds, possibly without going down the Deputyship route.