Talk to the trust department of a local bank or to a trust attorney and they can advise you. That is a good idea to insure that your children will have money to go to college.
However, if I were you I would check with a local CPA or tax accountant to ask whether or not there is a chance that the amount of the inheritance distribution or payment might be reported on a FORM 1099 (that would come to you) or some other similar form from the estate federal income tax form. If there is some way that the state and/or federal government is notified that this money exists (simply because it is a fact that most transactions over $10,000 are reported to the IRS just as a matter of record--but it might not affect you in this situation because I think the first $650,000 of estate proceeds are exempt from taxes), then the state might find out about it and it wouldn't do any good to pay the expense of having a trust set up if the child support enforcement is just going to come along later and order you to take it out and pay child support instead.
DANDY DON