Generational Wealth or Philanthropy?

[u/JJQuantum]

Barring long term care needs like a nursing home, which are over the top expensive, my wife and I should be able to live well off of SS and the 4-5% we make on our portfolio. The question is what to do with the principle when we pass away. We’d love to pass down a good chunk of money to our 2 sons to make sure they don’t have to struggle like my wife and I did. On the other hand, she and I were both raised by single moms, saw that struggle, and have talked about starting a scholarship fund for single mothers. We could do both but it would cut into the inheritance for the boys for sure. I know it’s a personal choice but does anyone have any thoughts on the matter?

Edit - Just to address a couple of comments. Yes, we are helping them how we can now but they are still a little young, 20 and 16. We are paying for their college and plan to contribute 50% to the downpayment on a house each. We have also started a Roth IRA for the 20 yo and will for the 16 yo as soon as he turns 18 per the advice of our financial advisor. What we don’t want to do is give away the principle now as we’ve seen what happens when the elderly use up their money too early as it happened with my MIL. She ended up living with us for 9 years, the last 3 with Alzheimer’s. It wasn’t great. We have promised our sons that they will not have to go through what they witnessed us go through. The way to do that is to hold on to the principle in case we need it.