On your child’s 18th birthday, the Child Trust Fund matures. This means that:
- your child automatically takes over the account
- no more money can be added
Your child can either:
See Also
Trust Fund Babies: Spoiled or Smartly Safeguarded? | Trust & WillHow To Get Money Out of a Trust FundCCM18290 - Child Benefit and Tax Credits: Child Trust Fund - Eligibility - HMRC internal manualWhen will I get my money?- take out the money
- transfer the money to an adult ISA
The Child Trust Fund will then close.
Until your child withdraws or transfers the money, it stays in an account that no one else has access to.
If your child lacks the mental capacity to manage their account when it matures
You, or a close friend or relative, need to apply to the Court of Protection (COP) for a financial deputyship order so you can manage your child’s account when they turn 18. Once the account matures, the money can either be taken out or transferred into an ISA.
See Also
Child Trust FundIn Scotland, applications need to be made to the Office of the Public Guardian in Scotland.
In Northern Ireland, applications need to be made to the Office of Care and Protection.
