Here is how it would work for me, pay off my house, we are within shooting distance of paying off our last student loan. Set up my kids for eduction(trade school, business classes, etc. their choice), then set up a tapered trust fund that would help them launch their businesses. Then I would set up incentives for them when they reach certain mile markers. This isn't a free ride, you want capital from the fund you have to manage what you were given the first time well etc.
Then I would earmark my distribution for living retirement well. Being debt free there wouldn't be much to worry about from a bills perspective plus I would keep working and investing to grow beforehand.
Then I would set aside enough to do some major anonymous giving. Orphanages have a pretty soft spot in my heart and setting up a plan for money to anonymously end up in accounts of ones that run well would be a dream. I would also do tapered contributions to other non-profits, giant one time lump sums tend to really make budgeting tough for non-profits. Smaller commitments over time tend to do them more good.
Yes, I have thought about it a lot. When I realized my relationship with money needed to change I had to take a real hard look at the way I managed it and honestly how it is simply a tool. People who love money tend to use it poorly, people who use it as a tool to be managed often are far less stressed and at the end of life aren't burdens to others.
Cue the Dave Ramsey show music LOL