Setting up a trust fund in favour of grandchildren,to start either now, or after one’s demise is probably the best way of giving them a headstart in life and protecting them from a tendency to over/mis-spend their inheritance. A trust fund is a legal instrument which nominates a trustee who holds the money/shares etc in trust for the beneficiary/beneficiaries. He/she is responsible for managing , investing and releasing the money. One can have the fund drafted, for example, so that grandchildren have controlled access to the interest on the investment via the trustee during their teenage years and/or early adulthood, with it being released for specified purposes.