Monthly Round-Up MAY 2023 80,000 Young People Unable to Access Trust Funds A report from Renaissance Legal has suggested that as many as 80,000 young people in the UK without the capacity to make financial decisions have money locked out of their reach in trust funds. Tens of millions of pounds may be rendered inaccessible. not blocked altogether particularly when such funds could be used to improve the child’s quality of life. With long court delays across the board, special dispensation and a simplified process is needed to help families access these crucial funds.” law firm Dawson Cornwell. "If any of this nonsense had taken place in England, the money would have been frozen, and the mother would be viewed as holding the money on behalf of the footballer. Our court procedures attack evasion. There’s no way that this behaviour by the defender would be defended.” Families of these young people must go through court to access the savings when their accounts mature, in a process which can take months and cost hundreds of pounds. Only 15 accounts were accessed this way in 2021. The government says it is unable to share more recent figures, adding that it is trying to speed up cases. “This report shows that the current system is draconian and not fit for purpose,” said Heledd Wyn, private client partner at Shakespeare Martineau. “Having a child that is incapacitated Abouk was informed by the court that Hakimi did not own any money or possess any assets, as he had registered his fortune in his mother’s name. It was reported last year that Saint-Germain was the sixth highest paid African footballer, earning more than $215,000 a already provides a level of emotional distress, and not being able to access funds that could hugely improve their lives only exacerbates this. “Anyone taking control of a vulnerable person’s finances quite rightly should be scrutinised, but week. His wealth was estimated to be around $70 million. "Putting your wealth into the name of your mother or anyone else in order to prevent your wife getting hold of it would be a massive own goal in English divorce proceedings,” remarked Simon Bruce, partner at specialist high net worth family Hiba Abouk, wife of Moroccan defender Paris Saint-Germain, pursued a divorce case in French court seeking half of the footballer’s wealth following his involvement in an alleged rape, but received nothing, as it transpired that her husband legally does not own anything. Wife of Footballer Achraf Hakimi Leaves Divorce Case Empty-Handed 6 LAWYER MONTHLY MAY 2023
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