Soliciting suggestion regarding family assets

Hello:

Parents have self earned property, no ancestor property.  have 2 children, both are married and have 4 grand children in all (two for each child).

Is it better to partition property and divide among their 2 children ?

or

Is it better to make a will and name both of their children as coowners ?

or

is it better to form an estate with grand children as inheritors and children as guardian ?

appreciate your suggestion.