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I don't agree with cashing the bonds and buying them something with the money. The bonds belong to them.
I would buy a nice card and write in it how much their grandparents loved them and all that good stuff and enclose the bond in the card. Then I would suggest that they hold onto the bond until they were ready buy something very special. If they chose not do to that and frittered it away, that would be up to them. They're over 18. They can decide for themselves.
Why would you cash them now if they're still earning money? (if they are, that is?)
Why not just hand them over to your kids, tell them how special the money is, ask them to consider holding on to them for a special need, and then let them choose when that time should be? Do you really think they're going to rush out to cash them when you hand them over? I doubt most people would do that; a bond is very different than cash.
I guess I'm just having a tough time seeing a watch or other physical gift picked out by someone else as really being a memory gift. The bond is what is from their grandparents, not whatever you would buy for them with the money. I understand the desire for symbolism and meaning, but at the same time I think the bonds themselves -- along with a discussion of how you suggest that this money should be used for something meaningful -- would have greater meaning than anything you could buy.
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