Unless it's needed beforehand, you can access money in your Court Funds Office account once you reach 18. Find out what will happen to your court funds money after turning 18 years old.
You may have money held in a court funds account if you are under 18 and received a compensation award.
If so, you will receive a letter from the Court Funds Office within one month of having your 18th birthday.
The letter will confirm the amount you have in the account and provide you with two options, which will be:
In some cases, you may need the money before reaching your 18th birthday. If so, a 'litigation friend' can apply to the court on your behalf.
You cannot apply to the Court Funds Office before you are 18 years old. But, when you are old enough you should fill in the form that you received from the Court Funds Office.
You must have a witness when you sign the form and you must both sign and date it together on the same day. The witness that you use must be a person who knows you, but not a relative, (e.g. your doctor or a teacher).
The CFO will also need a copy of either your birth certificate (or adoption), passport, or your driving licence. The document that you use must:
Note: You must send a copy of a bank statement dated within the last three (3) months (or a letter from your bank). This is how you will confirm your account details.
You have the choice to transfer your money into another person's account. But, it would mean going to court to get their approval.
Some of the money may be invested in the Equity Index Tracker Fund (EITF) on your behalf. If so, you must state on the application form whether you want the investments:
The role of the Court Funds Office is not to offer advice about investments. But, you can get independent financial advice from several organisations, including:
The Court Funds Office letter will state which court you need to contact. As a rule, it will be the same one that awarded the original award to you.
They will need to see some proof of identity (e.g. your passport). You will also need to supply a copy of a bank statement or a letter from your bank (dated within the last three (3) months).
You can have the money transferred to someone else's bank account. If so, you must supply a copy of a bank statement (or a letter from their bank) to confirm the details.
The court will instruct the Court Funds Office to pay out the fund following a successful application. They will also let them know what you want the CFO to do with any investments held in the Equity Index Tracker Fund.
Note: You may need to supply extra documentation for an application. Check with the particular court that you are using for further details.
You must wait until the Court Funds Office receive the court order (or the completed forms and documents). The Court Funds Office will then transfer the money within five (5) working days to your chosen account. Following a transfer, you should allow up to three (3 working days) for the monies to clear.
How to Get Your Court Funds Money When You Turn 18 Years Old