First thing I would do would hire a good tax accountant/advisor.
Then, I would pay off everything. We'd travel -- of course to Disney World, but other places as well so the kids would have a well rounded experience. With the private tutor I would hire, schooling would not be an issue. We'd buy vacation home everywhere they appealled to us.
I would definately set up education funds for the kids as well as trust funds. There should be nothing financially they would ever have to worry about.
Then I'd put money towards sick children -- whatever charities/organizations I felt would help the kids the most. And, definately, Make A Wish. We have friends who took a trip through them and had a wonderful experience. I'd like to share that with as many sick kids as possible.
Oh, to dream........