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Thread: Divorced parents - Access to a child's bank account

  1. #11
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    Thank you guys
    I think i like the trust idea? any lawyers that can open such can send me a message...hope its not too expensive

  2. #12
    Diamond Member tec0's Avatar
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    I would recommend contacting a company like Old Mutual and see what can be done. I do a lot of business with them and they seem to be on the level.
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  3. #13
    Diamond Member Justloadit's Avatar
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    If a manager access the account, there is no way that you as the owner of the account will know. Secondly how can you prove that the manager who accessed your account did pass the information to the ex? and this is where the problem lies. Proof, rather be safe than sorry.

    If you google Rob Velosa or the Best Trust company, they may be able to help. Setting up a trust will cost between R3 and R5K depending on the type of account. Also be aware that there is a yearly auditing costs, and also yearly storage cost, and a yearly trustee cost. In the end it is definitely worth it if you can afford the yearly running fees. Depending on the amount of transactions through the account yearly, the audit fees can vary between R1000 to R5000 a year, storage cost is a betweenR150 and R300 a year, and a trustee fee can vary from R100 to R1000 per month, depending on the amount of duties the trustee must exercise. Best is to negotiate at the time of drawing up your trust.

    Also be careful about getting a lawyer to do your trust, as what makes the trust valuable is the quality of the defence in court when a problem arises. I would suggest that you get a Trust lawyer, or a lawyer who only deals in trusts to draw you the paper work as this is their daily job, and will have experience in court defending trusts.
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  4. #14
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    Quote Originally Posted by tec0 View Post
    I would recommend contacting a company like Old Mutual and see what can be done. I do a lot of business with them and they seem to be on the level.
    Funny how some people trust some compnies, i wouldnt trust old mutual with my coin piggy bank never mind my life savings or long term investments, once bitten twice shy.

  5. #15
    Full Member claassenattorney's Avatar
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    No! In any given circumstances your ex-wife cannot have the access to the bank account and why would she have the same? There are 2-3 things that you need to take into consideration to deal with the issue. First, the bank with whom you have the account that your child is a minor and you are the only signatory to the same. Also, add that you are your wife is not together so, they should not allow accessing her the details of the bank account. Another important task would be to get in touch with a professional lawyer who specializes in child custody and look after the kind of issues as discussed by you. They will definitely help you in this context with best results for sure.

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