Did you know, your child could have a long-forgotten trust fund set up by the government?
According to This is Money there are currently over one million missing Child Trust Funds (CTFs) that need claiming! It’s important to check if your child has a trust fund, otherwise they could be missing out on hundreds of pounds when they turn 18.
These government funded CTF accounts were set up with an initial amount of up to £500 - with £250 being the average. That’s a sizeable chunk of money that could make a difference to your children’s lives, so it’s worth tracking the accounts down to see what is available to your child.
How to track down your lost CTF –
If you’re unsure if your child had a CTF or where it was held, you will be able to find out by following the steps that HMRC have set out:
- Log in with your government gateway user ID and password. If you do not have one, then you will need to sign up.
- You’ll be asked a few personal questions to determine if you are the trustee of your child’s trust fund.
- HMRC will send you details of who your child’s trust fund provider is via post within 3 weeks of them receiving your request.
- HMRC will contact you for more information if you’ve adopted a child or if a court has given you parental responsibility for them.
It’s a very simple and straightforward process that could give your child’s savings a boost when they turn 18! If you would like to know more about CTFs, you can read our blog on Child Trust Funds and what they are here. If your child does have a CTF, you can read more about what to do with it once the Child Trust Fund has matured.