Is the "4% withdrawal" rule still applicable to a young person with an aggressive account? If not, what is the safe/optimal withdrawal rate?

My mother passed away and I inherited a trust worth about $500,000. The rules are set up to where I can withdraw up to 5% of the initial principal amount per year until I turn 35 (in 7 years) in which I will unlock the full value of the trust. I am debating on how much to withdraw, between 0-5%. I want to know much I can withdraw to continue growth in the account while deploying the money elsewhere.

Background: 28, married, first kid on the way (we want more), financially stable with no real financial stress. I have a good job that I don't mind, my wife and I already run a small business on the side, we have one rental home (our first primary residence) and live in a long-term (forever?) home. Our mortgage is 6.8%, no other debt. No interest in starting a business, but am considering grabbing another rental property.

I am setting up a meeting with the portfolio manager of the trust later this month, and will discuss withdrawal rates with them. I want to keep the fund "aggressively" invested with them, which seems to roughly compare to the Bogleheads 3-fund portfolio. I am really torn on how much to withdraw each year.

With this new inheritance I plan to shrink my current monthly savings to enjoy life a little more. More trips, more hobby spending, etc.

If I withdraw 5% each year, I will have the new ability to max out my Roth IRA and HSA accounts each year, and possibly my 401k as well. I could also forego maxing out my 401k and make additional principal payments on my 6.8% mortgage. Or, I could simply take out, say 2% annually, and just focus on putting that into the Roth and HSA.

I don't really have anyone in my life who can give credible financial advise, so any discussion, tips, or personal thoughts on this would be greatly appreciated.