When do we begin monitoring the management of a minor’s property?
Due to their age, minors cannot look after their own interests and rights. It is for this reason that the child's guardians act on behalf of their underage child and are required to manage the child's property on the child’s behalf.
When the value of the property belonging to a minor exceeds EUR 20,000 and we are informed of this fact, we will begin monitoring the management of the child’s property. This is our statutory task, and our monitoring is not affected by the form or origin of the property.
We can make an entry in the register to safeguard the interests of a minor, even if the value of their property is less than EUR 20,000.
We guide guardians in their duties and supervise on behalf of the minor that their property is managed according to their best interests. In this way, we can work together with the child’s guardians to ensure that the child’s rights are realised.
If two people have custody of the minor, both of them are guardians regardless of which parent the minor lives with. The parents must jointly take care of their guardianship duties.
How are we informed of a minor’s property?
When a minor becomes a stakeholder in an estate, their guardian, i.e. the person who has custody of the minor, must provide us with a copy of the estate inventory deed within one month of the estate inventory.
When a minor receives insurance compensation, the insurer must inform us in the event that
- the compensation exceeds EUR 1,000; and
- the compensation is provided for reasons other than compensation for costs caused by the insurance transaction or losses of property.
The guardian of a minor, i.e. the person who has custody of them, needs a permit and/or substitute to handle certain measures, such as the division of an inheritance or the sale of a house or apartment. They must apply for the permit and substitute from us.
The guardian must inform us when the value of their minor’s property exceeds EUR 20,000. Read more about submitting a notification.
When does the guardianship of a minor end?
The guardianship of a minor ends when they turn 18. The guardian does not need to notify us of the matter separately, but they must provide us with a final statement without delay.
We can make a decision to remove the guardianship of a minor from the register when the guardian sends us an application demonstrating that the value of the minor’s property has been permanently reduced to EUR 15,000 or less and we have approved this figure. In other words, the guardian can notify us with a free-form application that the guardianship is no longer necessary. The application must include a document or account statement that demonstrates the reduction in the property’s value. The guardian may request the termination of the guardianship at the same time as the guardian submits the annual statement. If the value of the property owned by a minor has decreased due to the actions of their guardian, we will not remove the minor’s guardianship from the register.
Even if we remove the minor’s guardianship from the register, the guardians must continue managing the minor’s financial affairs. In this case, however, the guardians are not accountable to us.
If the minor’s place of residence changes to a foreign state, the guardianship does not end as such, but we can decide that we will stop supervising the guardian's activities in Finland. Instead of us, the authority of another country can begin supervising the guardian’s activities.
Ending the supervision requires one of the following:
- The supervision of the guardian’s activities has been organised abroad.
- In practice, our supervision in Finland will become ineffective.
We can make a decision on our own initiative or on the basis of a minor's or guardian's application.
If the minor has moved abroad, the guardian should first assess how the authorities in the new country of residence can supervise their activities. After this, they can submit a free-form application for terminating our supervision.
If the minor has moved to another Nordic country, the supervision will not be discontinued, but it will be transferred to the authority of their new country of residence. In other words, the transfer is made between Nordic authorities. In this case, you should contact us so that we can agree on any practical matters.
Do you need help?
Read the frequently asked questions about guardianship of a minor.
Telephone service: 0295 536 256.
Service hours: Mon–Fri 9–15.
Customer service for family relations and custodian information regarding minors recorded in the Finnish Population information System visit our website.