Some young people with a disability might not have the mental capacity to manage the money in their Child Trust Fund.
If your child doesn’t have mental capacity, then you as their parent(s)/carer(s) will need to apply to the Court of Protection to act as your child’s Deputy.
A Deputy is someone, usually a family member, who is appointed by the court to manage and make day-to-day decisions about someone’s finances. Without this, you won’t be able to manage the account when your child turns 18. This is because they legally become an adult and the money belongs to them.
At the moment, applying to the Court of Protection can be expensive. This is because there’s a court fee of £365 – and legal costs, if a solicitor is used. There might also be delays to the process due to the coronavirus pandemic.
It’s important to get legal advice if you want to apply to the Court of Protection so you understand all of the options. Solicitors might provide you with a free initial discussion.
However, the government announced on 1 December 2020 that all parents or guardians of children or young people who lack mental capacity can ask for court fees to be waived or refunded when seeking access to a Child Trust Fund.