Yes. I'd tell close family and close friends. I think those sorts of relationships should be based on honesty as far as possible and keeping a major event like that secret would feel uncomfortably dishonest to me.
This is exactly how I feel. We inherited a substantial amount, which would probably be on the borderline of life changing. We were able to fully pay off the mortgage and we now have choices that we wouldn't have had before, such as paying tuition fees and substantial deposits for the DC (obviously we could alternatively choose to spend the money in other ways that are more visible, but we both feel strongly that we want to pass it on because we are fortunate enough to be financially comfortable already).
Money isn't a huge topic of conversation with friends and family, but inevitably it comes up as people talk about plans for the future, retirement, money worries, DC university etc. I'd feel really disingenuous engaging in these conversations, listening and sympathising to a sibling worrying about interest rates for example, knowing that they had no idea at all that it isn't something that impacts us.
It felt completely normal and natural to give those closest to us (parents, siblings, two v close friends) a very broad brush outline, explaining that we had paid off our mortgage and put the rest of the money away for DC and later life security. No one has ever pried more deeply or asked for financial assistance, although we have offered and provided it to family members a few times. Actually this was made easier because they understood why we were in a position to help.