A living trust will allow you to manage your assets during your lifetime and determine how they will be distributed after your death. You can name a trustee to oversee the trust and specify how and when your grandchildren will receive payments. A 529 plan is a state-sponsored investment account that can be used to save for college. You may open a 529 account for each of your grandchildren and name yourself the account owner. This allows you to control how the money is spent, and you can withdraw it tax-free if it’s used for qualified education expenses. You can purchase a life insurance policy and name your grandchildren as the beneficiaries. The death benefit from the policy will be paid out to them tax-free, and they can use it for any purpose.