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Managing your child's finances

NAS88102

Hi I would appreciate some advice please and would like to know how others' have managed this.

My son has severe learning difficulties as well as autism and cannot manage his own affairs. As his mum I am his appointee and have a separate bank account just for his money but it's still in my name. All the benefit agencies and the council have accepted this.

I am aware that I need to set up a new account for him so that his money will still be accessible after I die. Any suggestions on the best way to do this would be welcome.

Thanks

Parents

  • would a joint account work? that way its in both yours and his name so you can still manage it but then its also in his name so i guess its still his when you die?

  • in reply to Caelus

    I was assuming that if the person needs somebody else to manage his finances he lacks mental capacity. If that is so, he would not be able to open and operate a bank account.  There is always the risk that he could be defrauded by a fake bank message.  Not knowing all the circumstances it is hard to say, but on the information provided I would say go for the Court of Protection and Deputyship. The parent also needs to make provision in her will for someone to look after the son if/when she dies, and maybe if he would inherit money put it in trust.

    If this were to be brought to me in a professional capacity (I am a qualified Best Interests Assessor) my advice would be : get a solicitor. Whilst fora like these can give you general information and support, real life is complex and you need to give all the facts to a qualified professional and take their advice.

    [Usual disclaimer - this post is for information and general discussion only and should not be construed as offering professional advice. This applies to the law in England and Wales. The law in Scotland is different.]

  • in reply to Ian

    ahhh yeah thats complex...

    and who would look after her son in her will? does she have to assign a family member? but what if no family remain? does a random care worker get assigned guardianship?

  • in reply to Caelus

    I imagine the Court of Protection would appoint the Official Solicitor to act if there was nobody else available. But as I said, that is why expert legal advice is required.

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