Having carefully selected the most appropriate product(s) it would be ironic if the plan was frustrated by the proceeds being reduced by taxation, or paid to the incorrect individual(s).

A trust allows the person (the settlor) setting up the plan to dictate exactly who will benefit, in what proportion and when.

To set up a trust we need to determine what the trust property is, who is to administer it (trustees) and who is to benefit, if more than one beneficiary in what proportion, assuming they all survive, and what happens if they predecease the settlor.