Can I Control My Child’s Finances After They Turn 18?

If your child is about to turn 18, you might be concerned about the loss of control you’ll experience over their finances. Perhaps your child is going off to college. Maybe your child has special needs or behavioral issues that require close supervision. Is there any way to gain control over your child’s finances throughout adulthood? This is something you might want to discuss with an experienced guardianship lawyer in Palm Beach County.

You May Be Able to Control Your Child’s Finances With a Guardianship 

A guardianship could be a valid option under certain circumstances. You should know that Florida courts only grant guardianships if there is clear evidence that the “ward” (your child) is incapacitated in some way. For example, your adult child might have special needs. They might have fallen into a coma. Perhaps they have recently suffered a traumatic brain injury.

In other words, the standards for this type of legal arrangement are quite high. If you simply want to continue controlling your child’s finances and they are not incapacitated in any way, it may be impossible to obtain a guardianship. In the eyes of Florida courts, removing the rights of a legal adult in this way is only justified under very specific circumstances.

A Power of Attorney May Be More Appropriate

If your child is not incapacitated and you still want to maintain control over their finances, you may want to consider a power of attorney (POA). Instead. This legal document can also give you the right to manage your child’s finances, although your adult child must agree to the arrangement in writing. If your child does not want to enter into this type of arrangement, you cannot force them to do so.

A power of attorney can be “limited,” with parents only receiving certain rights and privileges. For example, your child might agree to let you invest the money they have earned. This could be an especially effective choice if your adult child has earned a considerable amount of money at a young age (perhaps as a social media influencer, athlete, musician, or actor).

Even if your child does not have considerable assets, a power of attorney could still be useful. For example, your child might be about to go to college. If you are not confident in their ability to manage their finances, you may convince them to let you pay their bills, organize their tuition fees, and so on.

Your adult child has the right to revoke the power of attorney at any time. If they feel that they would rather manage their own money, they can effectively cancel the agreement and take back control over their own finances.

Can a Palm Beach County Guardianship Lawyer Help Me?

While guardianships in Palm Beach County may allow you to control your child’s finances, Florida will only approve such a move under certain circumstances. If your child is not incapacitated, they have every right to manage their own finances. A more appropriate option might be a power of attorney. Consider your full range of options during a conversation with Kitroser Lewis & Mighdoll today.

Source: 

floridabar.org/public/consumer/pamphlet13/