money owed

[joolzy]

Hi i am new here and looking for advice. My children have money owed to them by my father in-law.
when the children where little their grandparents saved each week for them and as my mother in law was an accountant she done different things with it. So this money was meant for them when they reached the age of 18 but my mother in law died a few years ago and ever since my father in law keeps making excuses to not sort their money out. The children are now 24 and 17 the savings were done right up till they were 16. Me and my father in law do not get on so he wont deal with me and my husband his son has had no luck. My children could use this money now and i would like to know if there is anything i can do to help get them what they are owed
thanks julie

[Kati]

Re: money owed

[MENTION=39710]des8[/MENTION] [MENTION=6]Amethyst[/MENTION] ... any ideas :noidea: xx

[Openlaw15]

Re: money owed

Hi i am new here and looking for advice. My children have money owed to them by my father in-law.
when the children where little their grandparents saved each week for them and as my mother in law was an accountant she done different things with it. So this money was meant for them when they reached the age of 18 but my mother in law died a few years ago and ever since my father in law keeps making excuses to not sort their money out. The children are now 24 and 17 the savings were done right up till they were 16. Me and my father in law do not get on so he wont deal with me and my husband his son has had no luck. My children could use this money now and i would like to know if there is anything i can do to help get them what they are owed
thanks julie

Hmm. An accountant (the deceased mother in law) is likely to use something called a trust (a special type of fund which avoids having to pay tax), which creates a trustee (person responsible for the fund). Why not contact the Inland Revenue (tax man) to see if there are any trusts in your children's names? Trusts normally have terms: X is to receive Y amount on reaching 18 (contingency interest). If there is a trust and the money is being withheld then the courts have the power to bring the trust to an end. Other than a trust, the money could be in an high interest type of bank account. Has the father in law spent the money, was he the trustee at some point? Was this dealt with in your mother in law's will?