Life insurance is one thing, but it has to be managed well. My will puts it into a fund that distributes it at a monthly rate until they're a certain age, so it doesn't get used up all at once. The rate is a little higher for college aged and some conditions let them cover college fee directly from the pool. There's also named guardians in case my wife dies too, and they get a caregivers stipend.

There's also a lot of stuff that isn't clearly handled by inheritance laws - crypto, steam games, income from say, Google Play, passwords, so you have to set that up as well.

Also because software made me paranoid about failsafes, I took a separate life insurance in case the people in charge of my will screws over the kids, so they'll get a lump sump once I die.

Bought them a round of Ferraris