<prompt> Human: My grandfather is dying and sadly very quickly. He had me grab his will and explained some of it to me, and it turns out my young children will get a substantial amount. I want to set up a savings account of sorts in their names and leave it for them when they turn 18. What are my options, as I truly dont know. Edit: thank you all for responding. I dont want to go into specifics, but the amount is under 15k. While I say a substantial amount, this is more than Ive ever had. I will take all yalls advice and determine which is best. Thank you all again! I love this thread and continue to look forward to some of the best advice on finances Ive ever seen. Assistant: Put it in a trust and be very specific about what the money can be used for. If you want them to use it for education, spell out what that means and the terms. Happy to talk more about how I set mine up for my kids. Very sorry youre going through this.Human: How do you go about a trust? Is it similar to a savings account that accuses interest? And thank you for your kind words and whatever advice. I would love to help my kids have a better start to adult life than I.  <response>: You hire a lawyer. Dont be cheap on this find a lawyer and work with them. 