UK plans easier access to Child Trust Funds for young adults lacking mental capacity
The UK Government plans to make it easier for young adults who lack the mental capacity to manage money to reach their Child Trust Fund savings. Under the proposal, parents and carers could go straight to the savings providers instead of going through the Court of Protection, a complex and often costly court process. Justice Minister Jake Richards and Economic Secretary to the Treasury Lucy Rigby KC MP backed the change, which would need a Financial Services and Markets Bill amendment and later secondary legislation.
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What does it mean?
If your child is an adult and cannot manage money on their own, their Child Trust Fund savings may soon be easier to get at. Families would not need the long court process for this, though the Court of Protection would still be available.
What changes?
Previously, families had to go through the Court of Protection to reach these savings; the Government now plans a simpler route straight to the providers.