I set up a revocable trust with specific instructions about dispersing the money over time so my daughter could not inherit everything at age 18. You may want to dedignate a different guardian or trustee for your money than you do for the children. Also realize that a judge decides who becomes the guardian in many states, though the court will seriously consider the parents' wishes.
A good attorney will guide you through these issues efficiently and plan ahead. I did all this when my daughter was one. I review it annually. So far it is still good, and she's now 17. Over the years, as assets grew, I added beneficiaries easily to various accounts that will not go into the trust.
