My parents won't let me have access to money i was left by my great aunt?

Question

Im 16 and my great aunt left me a substantial amount of money..
My parents wont let me have any of it. Going as far as to say that i'm selfish for wanting it because i didnt earn it myself..

Answer 1

Most inheritances to minor have certain restrictions about how the money can be spent and on what. They also make someone who is usually the parent responsible for the proper handling of the money. Some inheritance like Princes William and Harry have age restrictions on when you can get access to the money left them. In their case, Diana, their mother, set it at age 30. Most of the time it is set at 18 or 21/ 25. The reason behind 21 0r 25 is so the kid doesn't go on a wild spending spree.



Your aunt could have set up what it could be used for- most likely for education.

Answer 2

I think your parents perhaps have the right idea ..but are executing it badly. I cant speak for their intent though and I dont know what a "substantial amount of money" means to me it would be 50 k + to you it may mean a couple thousand.



If your parents intent is to keep it safe for you until you become an adult and they want you to learn how to earn your own way first.. im all for it. If their intent is just to keep it for themselves.. i would take issue for that. So you need to MATURELY ask them what they intend to do. You are entitled to know.

Answer 3

Maybe they're putting away for you somewhere so that when you're 18 you can have it as they most likely feel that you're just going to spend it all in one day. However, when you turn 18 and your parents don't let you have it or have spent it on themselves, you can take them to court for it.

Answer 4

They either want to invest it for you.

Use it for your collage tuition.

Or,,,, they are going to spend it and you won't get a penny.

(You might get a t-shirt when they come back from vacation)



Update:

I had to come back to this.

No parent with half a brain would give a load of cash to a 16 year old. It does not matter if it's you, me or anyone else. It would be wasted on stupid crap that you really don't need or spent on your friends that would not appreciate it. And they would just be talking about how stupid you were for spending it on them or how you think you are all that just because you got some money. Then when it's gone, so are they. Grey is right, you need to sit down with them as an adult and discuss this without thinking of instant gratification. This money could help you much better "Long term". Figure out the best investments for your future and then you can discuss an allowance that is acceptable to both you and your parents. Make the most of it because it does not happen often and it is very easy to just piss it away.