Locked savings accounts / trust funds

Nostradumbass

Hi.
I wonder if someone can help me out with a question. I am executor for my late Father's estate, responsible for implementing the terms of his will. My Dad has left some small cash gifts for grandchildren but has stipulated that they be paid upon each child turning 18 years of age.
Can anyone advise on how this could be done? Can a savings account be completely locked until a specific date? I know certain savings accounts have maturity dates, which incur penalties if withdrawals are made before that date, but I don't know of any that are completely locked. It is not practical to spend a lot of money setting up trust funds, for what are relatively small cash gifts.
Note: some of the cash gifts are for an ex-partner's grandchildren, so I don't think I would personally be able to set up Junior ISAs for them for instance (I think this can only be done by the children's own parents or guardians).
Any thoughts would be greatly appreciated.
Thanks and best regards.

Keep_pedalling

If any of them are close to 18 then I would simply hold on to the cash until their 18 birthdays. For younger children then the best option is to get the money into ISAs but that will need cooperation from their parents.

Savvy_Sue

Nostradumbass said:

Note: some of the cash gifts are for an ex-partner's grandchildren, so I don't think I would personally be able to set up Junior ISAs for them for instance (I think this can only be done by the children's own parents or guardians).

But once they'd set up such an account, would there be any reason you could not pay into it, if you were given the details?

Frogletina

Savvy_Sue said:

Nostradumbass said:

Note: some of the cash gifts are for an ex-partner's grandchildren, so I don't think I would personally be able to set up Junior ISAs for them for instance (I think this can only be done by the children's own parents or guardians).

But once they'd set up such an account, would there be any reason you could not pay into it, if you were given the details?

I opened a Skipton account for a child under 18 as a trustee account as they were unable to have an Isa due to having a Child Trust Fund.

Nostradumbass

Hi. 
I guess the thing I can't get my head around is how (or whether) I can set up an account that literally cannot be touched by the beneficiary until they reach of 18 years of age. My limited knowledge of savings accounts with maturity dates (such as Junior ISAs) is that the account holder can always withdraw their money earlier if they want to but would incur penalties for early withdrawal.
Is it sufficient for me as executor to just set up an account with a maturity date and trust that the beneficiary/beneficiary's parents will honour the maturity date? Or is there a legal onus on me as executor to set up an account where the funds are fully locked in and cannot be touched before the maturity date?
Thanks.

Malthusian

Junior ISAs cannot be withdrawn by the child until they turn 18.

Bare trust accounts similarly cannot be accessed by the child until they turn 18, or 16 in Scotland. (Bare trust accounts are similar to Junior ISAs but minus the tax free status, and can be opened by anyone, not just the parents/guardians.)

The trustees of the childrens' money are responsible for setting up accounts; your job as executor is just to hand the money over when they've done that. Does the Will specify who acts as trustees if the beneficiaries are minors? If not, the obvious choice would be their parents unless they aren't suitable for the job.

Nostradumbass

Thanks Malthusian. Yes, the will specifies the trustees as those executors who obtain probate (i.e. me and my sister).