The children’s money belongs to them. Regardless of your age. And no matter where the money comes from: pocket money, Christmas or birthday gifts, donations, inheritances, etc. But minors cannot act for themselves and, therefore, manage their assets. It is a legal administrator, that is, the parents, who represents them in all acts of civil life until they reach the age of majority.
The parents jointly exercise this legal administration. In this way, the bank can allow them, from their personal online space, to access their children’s accounts and their savings accounts. This principle of co-determination applies even in the event of separation.
With regard to banking operations, each is considered to have received from the other the power to carry out “acts of administration” on its own. In addition, you will be able to withdraw sums of money from your children’s savings products, with the exception of the Youth Account, for which the law establishes that only the account holder can do so.
On the other hand, a single parent cannot close a booklet or account or transfer all the funds to his or her own account. Because this “act of disposition” requires the agreement of both parents.
Notify the bank
If you fear that your ex-spouse, ex-partner or ex-partner will empty your children’s accounts, you can ask the bank to make any withdrawals subject to your two prior agreements.
What are the rules for life insurance? There is no need to worry on this front: signing such a contract on behalf of your minor child requires the consent of both legal representatives. The same applies to requests for reimbursement (withdrawals), advance payments, designation or acceptance of the beneficiary, modification of the beneficiary clause, or in case of payment of new sums in the life insurance contract. These operations are actually acts of disposition.
The legal enjoyment of your children’s assets is linked to legal administration. This means that the parents have a kind of usufruct, until the child turns 16 years old. This right allows them to collect all “income” from the child’s personal property and use it to contribute to his or her upkeep and education.
Specifically, you are authorized to pocket the rent you receive if you own a property, your dividends if you own shares or participations, or the interest on your investments or your bank accounts. This right only refers to income, never to capital, even if it involves covering expenses that concern you.
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