Taking money from your children is generally legal, though there are some exceptions, such as if the child’s money is held in trust and you misuse the funds.
And it’s understandable to feel entitled to the child’s wealth; after all, you work hard to support them, and all of their money is rightfully yours in some ways.
Taking money from children without their permission, on the other hand, can be problematic, and it can send mixed signals as this sends the message that you can take whatever you want. You are not teaching the child to respect other people’s money.
If you need money from your child, the right thing would be to ask. Being evasive about your financial needs teaches your children that they, too, will have to use similarly devious methods to survive.
Are parents entitled to their children’s paycheck?
Parents are only entitled to half of their child’s pay if they feed, clothe, and shelter their child with those funds.
Until children reach the age of 18, parents are financially responsible for them. They must provide them with food, shelter, and clothing. As a result, there are two implications for your situation.
Parents incur expenses due to their children’s care, so if they are having a hard time meeting up and the child is working, it’s not wrong for the parents to use their money. However, the child should be informed and involved in the process.
Can you sue your parents for taking your money?
Taking a family member to court is a highly emotional and stressful experience. But if your parents are taking your money without your knowledge, primarily when they don’t provide your necessities for you, you can sue them.
If you are less than 18, you would need another adult you trust to register the claim because you are not of legal age to do that yourself.
If you are a grown-up, you can register the case yourself, even if the theft happened when you were a minor.
You would need to gather evidence first, though, things you can use as proof, such as receipts, bank articulations, dropped checks, or other hard evidence.
Can my parents take my money if I’m 17?
Whether you had to work for it or if it was gifted to you, the money is yours, although you are still considered a minor by the constitution and depending on the amount involved you still need a trustee.
Let’s say the funds is less than $25,000, then this fund could be given to either Public Trustee or parent or guardian who will likely be mandated to manage this funds for you and it the money is only payed out or released when you turn 18.
Please understand this, Until you turn 18, you’re your parents responsibility, so ideally, they should be the ones providing for you, not the other way round.
So if your parents need some money to run the household, you can chip in, so they shouldn’t just take your money without informing you.
On the issue of taking money without your consent ; Still yet you are old enough and it will unethical for them to take it without your approval.
Can my parents take my money If I’m 18?
Under the constitution it is assumed that anyone who is 18 and above is responsible enough and also has the capacity to make informed decisions
otherwise capacity assessment should be completed when such an adult under certain conditions couldn’t make his or her own decision.
Since you are above 18 by law a minor’s trust is not required but under certain condition such as a :
- court order
- settlement document
In general, reaching the age of 18 indicates that you are an adult and no-longer require to allow your parents to collect your paycheck or must need a trustee to keep funds for you .
However, if your parents name was used to open your savings account or the account is jointly operated with your parent, they could still make withdrawals.
Once you get to 18 years of age such an account is expected to be converted to a regular savings account with you being the sole signatory to the account.
You have the authority to restrict access to your accounts as a legal adult. If you rely on your parents for financial support, you can talk to them about it, especially if you’re trying to save money for something.
The change from adolescence to adulthood can be difficult for a lot of parents. Having a family meeting to establish proper boundaries, therefore, sounds like a good idea.
You can even seek help from a family counselor if the situation is causing a schism in your family.
What legal actions can I take if my parents are taking my money?
It’s technically illegal for your parents to take your money without your permission, especially if, as we have mentioned earlier: you’re already 18, or you’re a minor they don’t take care of, or if they use the money for their personal, unimportant business.
Having said all that, there are a number of legal actions you can take to stop your parents from taking your money.
You can report to the bank and have them handle it for you. Your parents could end up imprisoned if you take this route.
For this, notify the bank that the withdrawals are fraudulent, change the account, and have them arrested. They would have to explain why they are taking money from a bank account that isn’t theirs.
You could also ask your parents to repay the money and forget about it, or you could step aside and let the fraud investigators deal with them,
especially if you have tried reasoning withthem countless times and they keep doing the same thing. You could also consider freezing your credit records and reporting identity theft to the police.