Is Money Given by Others Considered Separate Property of the Child?
Is money given by others considered a child's private property? Do parents have the right to keep money given to their child?
Question:Hello,I am 13 years old and currently in 7th grade. I have a question. Usually, during holidays, festivals, or family gatherings, I often receive money from relatives. Is this money considered my personal property? Do my parents have the right to keep the money given to me by others? I would appreciate your response. Thank you very much.Best regards.Money Given by Others: Is It Considered the Child's Private Property?
Pursuant to Article 75 of the Law on Marriage and Family 2014, the right to own private property by a child is stipulated as follows:
1. A child has the right to own private property. Private property of a child includes property inherited individually, gifted individually, income from the child's labor, benefits and profits arising from the child's private property, and other lawful incomes. Property formed from the child's private property is also considered the child's private property.
A child aged 15 and above living with their parents has the obligation to contribute to the common household expenses and meet essential family needs if they have an income.
An adult child is obligated to contribute their income to meeting the family's needs as provided in Clause 4, Article 70 of this Law.
As such, money individually gifted is considered the child's private property according to the law. Hence, money given to you by relatives is considered your private property.
Can Parents Hold Money Given to the Child by Others?
According to Article 76 of the Law on Marriage and Family 2014, the management of a child's private property is stipulated as follows:
- A child aged 15 and above can manage their private property themselves or entrust their parents to manage it.
2. Private property of a child under 15 years old or a child who has lost civil act capacity is managed by their parents. Parents can authorize others to manage the child's private property. Private property of the child managed by parents or others is returned to the child when the child reaches 15 years old or when they fully restore civil act capacity, unless there is a different agreement between the parents and the child.
Parents do not manage the child’s private property in cases where the child is under the guardianship of another person as stipulated by the Civil Code; the person giving the property or leaving the inherited property following a will has designated another person to manage the property, or in other cases as provided by law.
In cases where parents are managing the private property of a minor child, or an adult child who has lost civil act capacity, and such child is placed under the guardianship of another person, the private property of the child shall be transferred to the guardian for management as stipulated by the Civil Code.
According to the above regulations, private property of a child under 15 years old is managed by the parents. Therefore, your parents are allowed to hold money given to you by others.
Respectfully!
