Payment out at 18
When funds are held for a person under a disability, because he or she is under 18 years of age, the order usually provides that the funds be paid to that person when he or she attains the age of 18 years.
About the time the beneficiary will turn 18, the Senior Master's Office (SMO) will contact the beneficiary. Therefore, it is important that the SMO is kept informed whenever a beneficiary changes his or her address.
The procedure for payment out of funds in such an instance is as follows.
- An application form is forwarded to the beneficiary approximately one month prior to his or her attaining majority. The complete form, which includes the beneficiaries name, residential address, occupation and bank account details, and a copy of his or her photo identification, is returned to the SMO.
- Upon receipt of the above information, the SMO will prepare a Statutory Declaration before a person authorised to witness Statutory Declarations. The beneficiary must also have the Bank Certification form signed and stamped by the bank.
- Once both these documents are returned to the SMO, the funds will be paid out to the beneficiary’s nominated bank account.
The process can take some time. Therefore, beneficiaries should not 'spend moneys before they are actually received'. If there are special circumstances please bring them to the attention of the responsible Trust Officer, or the member of staff handling the payment out process.