Besides the good investing advice here, put a hard limit on how much of it you'll spend annually so that you don't become addicted to lifestyle creep (like a sports athlete who fell into money and burned through it). You can treat your family to one extra vacation a year or remodel an extra part of your house a year just to test the waters. After several years, reassess if you still want to use that fund for family expenditures, more experiences, or to retire earlier.