HMRC has been reminding families to check whether they have money waiting in a Child Trust Fund. It is estimated that more than 750,000 Child Trust Funds have matured without being claimed, with an average value of over £2,200. For many young people, that could make a meaningful difference.

A Child Trust Fund is a savings account that was automatically opened for children born between September 2002 and January 2011. The government provided a voucher to start the account, and family members could add to it over the years. The scheme has now ended and has been replaced by Junior ISAs, but any money in a Child Trust Fund still belongs to the young person.

However, many children and young adults are unaware the account exists. Paperwork may have been misplaced, providers have changed names over the years, or a young person has simply become an adult without being told an account was set up for them.

How to Check if a Child Trust Fund Exists

If your child is under 18, a parent or legal guardian can use the government’s free online service called Find a Child Trust Fund . If your child is 16 or over, they can also use the tool themselves. Once the provider is found, you can contact them to check the balance and consider the next steps.

What Happens When Your Child Turns 18?

At age 18, the account matures and the money can be:

• Taken as cash
• Transferred into a standard ISA
• Reinvested in other savings products

However, this is where things can become more difficult for families of vulnerable young people. Once the young person turns 18, the money legally belongs to them. If they are unable to manage their own finances because they lack mental capacity, the provider is not able to release the funds to a parent or carer without the proper legal authority.

If Your Child Lacks Capacity to Manage Their Money

If your child cannot make financial decisions for themselves, you may need to apply to the Court of Protection to become their Deputy for Property and Financial Affairs. This gives you the legal authority to access and manage money on their behalf.

This is a common situation, and you are not alone. We regularly support families who are navigating this process for the first time. It can feel daunting, especially when it concerns something that was set up for your child’s benefit but cannot be accessed without formal permission.

How Pryers Can Help

We can guide you through:

• Confirming whether your child has a Child Trust Fund
• Understanding the provider’s requirements
• Making a Deputyship application to the Court of Protection if needed
• Supporting you to manage the funds in your child’s best interests

Our focus is always on ensuring that your child’s rights are protected and that any money they are entitled to is used to support their wellbeing.

Get in Touch

If you believe your child has a Child Trust Fund , or you have tried to access one and have been told you need legal authority, we are here to help.

Contact Pryers to speak with our specialist team. We will guide you through the process clearly and sensitively, helping you secure what your child is entitled to.