Unless you're still on active duty or on special status in the reserves you can't pass it on. Once you're out it's non-transferable.
Whether or not it's worth the opportunity cost to go to school cashing it in is a different question, and depends on a lot of personal details in your life. But you won't be able to give it to future children.
I have mine as an "oh shit" plan. More school realistically won't help me at this point in my career, and the opportunity cost is too great to use just for the BAH. But I do know that if somehow everything else falls apart I have an emergency plan and can anyways go hang out in school for a few years and at least get by.
They removed restrictions recently https://www.va.gov/education/about-gi-bill-benefits/post-9-11/
Not correct. When they passed GI Bill for Life your window to use benefits will never expire, but the window to transfer them to a dependent is still limited to when you're on active duty. From the same VA website you linked to:
>Can I transfer my Post-9/11 GI Bill benefits?
>You may be able to transfer your Post-9/11 GI Bill benefits to a dependent family member if you’re on active duty or in the Selected Reserve and you meet all of these requirements.
>All of these must be true:
>You’ve completed at least 6 years of service on the date your request is approved, and
>You agree to add 4 more years of service, and
>The person getting benefits is enrolled in the Defense Enrollment Eligibility Reporting System (DEERS)
Well shit, guess that makes this decision simple. Keep it in my back pocket if I ever get sacked I'll just roll into school for a bit (I sit on a bit of "fuck you" money too).
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