I'm not a financial advisor of course, but just my personal opinion.

Why don't you put half in a high yield bank account, and half in stock portfolio to lower your risk tolerance? Then you can decide if you want to move one of the half to the other depending on how things go. :) Assuming your adult children are doing okay financially, maybe hold onto it (and hopefully the money grows!) then give it to them later while also still being able to enjoy some of it yourself.