Name your spouse if you have one, and name your children as secondary beneficiaries. That means they will get the proceeds of the life insurance if your spouse predeceases you or if you die together (like in an accident). If you have no spouse, name your children. Whoever you name in your will as the children’s guardian can be the trustee of the funds. DO NOT name anyone who you do not want to be the ultimate beneficiary of the funds. No matter how much you think you can trust someone, you cannot name a friend or a sibling or your parents and then just expect them to hold the money for your children. Your children will always remember that you did not leave the funds to them.