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jamie
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Forum Member
Total Posts: 1
Joined: 07 Aug 09
Member #318
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Hi my wife and i would like to set up a trust fund for our daughter who is due in 4 weeks but we don't have a clue about them at all. We have a few questions so if anybody can give us some answer we would be greatfull thank you. Also these questions may seem a bit weird but i think there important and hope they don't offend.
Q1 If only 1 parent can control the account, what would happen if the perant dies? how would the other parent get control of account so we could carry on paying into it ect?
Q2 What happens to the money should the child die before there 18th birthday?
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Joe
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Forum Member
Total Posts: 4
Joined: 06 Jun 07
Member #10
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If only 1 parent dies, the other parent can write to the CTF provider and ask that the registered contact be changed into your name.
If the child dies before their 18th birthday, the money will go to whoever inherits their estate. This is usually parents but could be another person depending on the Will.
In addition, there are also provisions for parents to take possession of the money if the child is terminally ill. Simply contact the CTF Helpline on 0845 302 1470 where you will be asked to provide proof of the termal illness. Once evidence of the terminal illness has been confirmed, the registered contact (the person who manages the CTF account for the child or the child if over 16) will be able to withdraw money from the CTF account.
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important questions
07 Aug 2009, 14:51