Shaykh Abu Eesa of AlMaghrib Institute gives a concise answer to whether zakat is payable for children.
It is quite possible that children have funds saved for them whether it be government welfare systems that contribute to a fund or parental donations.
Normally in the acts of worship the conditions are that one is baligh, mature, can be held accountable etc. Zakat however according to the sahaba and the majority of scholars is not held by these conditions. In other words zakat is payable on assets that are held by children even if they do not have ‘aql’ or the power of reasoning / mental capacity.
Imam Abu Hanifa however held the opinion that zakat is not taken from children or the mentally incapacitated because intention is a key component of an act of worship. Therefore such individuals are not required to pay zakat as they cannot understand the intention of giving zakat.
The vast majority of other Imams and Madhahib however hold that zakat is an exception to that logic and that the right of zakat applies to wherever the wealth is found as opposed to the person.
Please watch the video for Shaykh Abu Eesa‘s exact words.
And Allah knows best