We've traveled a lot with our now teenage daughter over the years. Most important thing is to find out what the family wants to do, where will be the most suitable for your kids, what their temperament for different travel lengths is right now. Then look at availability within those areas.

You certainly could, subject to availability, choose just about anything with those balances.

I'd also just throw in to consider your earn rate on miles and/or what you normally might spend for cash tickets, hotels, etc. You have quite a stash and ought to be getting use out of them. At the same time, you have many years of family vacations ahead and with a family of 4, those miles will disappear pretty quickly especially on premium redemptions, depending on your regular miles earning. I tend to plan the next several trips and strategize which program will work best overall, rather than just the immediate trip upcoming.

There are plenty of award booking services, many by current or sort of current FT'ers. You can certainly plan it all on your own, but if you don't want to or don't have the time, those services might be worthwhile.

Whatever you choose, have fun!

Thanks all for your responses. I posted this and completely forgot to revisit this thread until now and I had instant notification off for the post.
My kids travelled to India few times in economy. So OK with long trips. They never travelled in F or J. So I want this to be an expereince to them. No issue with layovers as we plan on enjoying a leisure trip. They saw London, Paris, Dubai and India.
Switzerland, Australia, Egypt and small beach resorts like Bali, Seychelles and Maritus are in our wish list.
Want to go for 7-10 days during their summer break.
Thanks

With your miles in OW airlines (AA and BA), I think it would be easiest to try for Switzerland or Egypt flying a combination of AA+BA, although I don't know if I would personally want to be in Egypt this summer with all the political unrest. Premium award tickets on Qantas is almost impossible in quantity of 4 just a few months before your planned trip. The beach destinations may be an option, but I would use a paid award consultant as the itinerary is going to be tricky and you only have a month or two before your planned trip.