Sure that is the typical way to donate your wealth but there are many other ways than giving it with control to your children. I have no judgement but doing it this way is a nice way to move money within your family.

Everyone does it different and I have no judgement but you could just as easily pick a quorum of folks to do the job with a very explicit timeline. Charitable donations are quite broad in the US. So sure lots of wealthy folk don’t this way but not everyone!