If you want to maintain control, consider a 529 for your grandchild

— -- Q: Is there a way to give stock to my grandchildren without them gaining full control of the asset when they turn 18?

A: What's wrong? You don't want to trust an 18-year-old with unbridled access to thousands and thousands of dollars? What could possibly go wrong?

Certainly, your concern is a reasonable and very expected one. And you've put your finger on one of the biggest downsides of custodial accounts for minors, such as those created under the Uniform Transfers to Minors Act. These accounts generally give minors full access to the money you've put aside for them when they turn 18. And they can use the money to do or buy whatever they want. You can read more about these accounts here.

This very important downside to custodial accounts is a big reason why you might strongly consider a 529 account for your grandchildren. These accounts are set up to give the donor control and also strongly encourage the cash to be used to pay for higher education. You can name your grandchild as the beneficiary, but you retain control even after they turn 18. Also, the money can be taken out tax free as long as the money is used to pay qualifying higher-education expenses.

What if your grandchild gets a scholarship or doesn't go to college? You can change the beneficiary to anyone else, including yourself. You could even change the beneficiary to a great-grand child. It's a great deal.

If you'd like more detailed information on how the 529 can be a great option for grandparents, check out this helpful Saving for College website:

Matt Krantz is a financial markets reporter at USA TODAY and author of Investing Online for Dummies. He answers a different reader question every weekday in his Ask Matt column at money.usatoday.com. To submit a question, e-mail Matt at mkrantz@usatoday.com. Click here to see previous Ask Matt columns.