Pay for Preschool or Save for College?

Question: I get paid little but love my work, and my partner and I get by. Now we suddenly have become parents to two children under the age of four. (It’s a long story...) The children came with a modest school trust fund, and I want to spend the trust fund over the next few years on early childhood education, better equipping my home for the children, and allowing me to slow down my work schedule and have more time with them.