would rather spend most of it on myself and my wife having fun and donating it to people who desperately need it.

Now I do think it would be great to help my kids get started so that they don't have a ton of college debt and have a significant sum to put toward a first house (since that is a great obstacle for a lot of people and is a great asset). And I'm happy to help my children from time to time if they have occasional emergencies, need cash for a memorable honeymoon, have serious health problems, etc. But beyond that, the thought of leaving a lot of free money to people who haven't earned it seems damaging, even if they are my own children.

The trust funders I know don't get the realities of life. It hurts them and their children.

No free rides. Money and everything money buys is meaningless to a person unless they learn to work for it.