Young people lacking the mental capacity to make financial decisions will finally have easier access to their Child Trust Funds.
Easier access to savings for thousands of young adults lacking the mental capacity to make financial decisions
Following years of campaigning and legal difficulties faced by families, new legislation will be introduced by the Government to allow simpler access to Child Trust Funds, replacing the complex and often costly Court of Protection process.
The reforms are expected to allow parents and carers to go directly to Child Trust Fund providers to access savings, solving years of unnecessary anguish for an estimated 63,000 to 126,000 young adults.
Child Trust Funds were introduced in 2005 to provide children a financial boost as they start adulthood, but the scheme made no provision for 18-year-olds who lacked the mental capacity to manage their finances without a straightforward way to access their savings.