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Are there laws to stop this sort of thing?
I was reading of a scenario where a child lost both his parent's and that all their money was left to him, however he was around 10 at the time so he was sent to a guardian and she was also to handle the child's funds, but she instead spent it all on herself, until there was nothing left. Now I know this has to be illegal, but what would if fall under?
3 Answers
- ?Lv 78 years ago
Basically such a scenario could fall under the laws of Fraud, Embezzlement, Misappropriation of funds, illegal use of trust fund,ect depending on state laws so yes there are laws in place to punish people for illegally using a childs money...
Normally in such a scenario the minor childs guardian would not have completely free access to the childs inheritance, the guardian would need to account for every expense as the childs accounts would be monitored to prevent such things from occuring,
In some states the guardian would be given a monthly payment from the childs accounts (much like child support) and they must use that money for the support of the child...
In many cases of Fraud of a minor childs inheritance it is due to the fact that the childs parents didnt take the necessary legal precautions to protect the childs money (ie) appointing a representive payee that the guardian must request money from, Placing certain amounts in trust funds that cant be accessed until the child is 18 or 21, appointing an attorney/CPA to monitor the childs accounts ect ect.