How can life insurance money be left to child's potential guardians in a manner of our choosing?

In the case of my wife and I both dying, our child will obviously be living with someone else. What we want to know is, how can our life insurance money be given out in a way of our choosing, via our wills? For example, five percent to the new guardians up front, just because. Twenty percent into a college fund.... show more In the case of my wife and I both dying, our child will obviously be living with someone else. What we want to know is, how can our life insurance money be given out in a way of our choosing, via our wills?

For example, five percent to the new guardians up front, just because. Twenty percent into a college fund. Twenty percent to be given to the child upon reaching the age of 21. The rest to be doled out evenly, on a monthly basis to the guardians, for providing necessities.

First of all, is it possible to dictate any rules like this? Second of all, is there any advice on specific ways that might be better than the one I stated above?

Thanks for the advice.
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