Money Moral Dilemma: Should I open savings accounts for my nieces?

CRANKY40

My bank account lets me set up multiple savings accounts. I have one bearing the name of each of my great neice and nephew as "nicknames" for the accounts - the children live in a different country so opening a UK bank account for them wouldn't be particularly helpful. I suspect that the paperwork would be a nightmare. The accounts bear the name of the child that they are intended for and I add money for birthdays and christmas. Their parents know that I do this and were very pleased when first informed. My sister is my executor so although the funds form part of my estate, my sister will be clear about how much money should go to each child. We have all agreed that if I send cash by post it will just be wasted so this is a good way to put some money away for the children. 

The the bit worth remembering - that if funds are in the adult's name, they are part of the adult's estate. In my case i trust my sister completely as the money is for her grandchildren anyway.  

Christianne1957

Really interesting opinions - this is something that I have thought about for my own three grandchildren 
My daughter always wants me to give cash presents to them on every occasion. I usually give £50 -100
I'm fine with giving cash so the children can be bought what they want/need rather than Granny choosing . . . . . But . . . .  I am aware that the money often used by my daughter to 'treat' herself and the children get zilch.
My daughter isnt savvy with money -  constantly in debt despite a high income & is recklessly extravagant when spending on herself 
I've tried asking her tell me exactly what I could buy so they get something to use/keep but she usually says that "they have everything"
It seems a better option to buy a present (£10-20) for them to open but put the balance into reserve fund for when they are old enough to control their own money