The Trustee is the person who will go to the insurer and make the claim and mainly oversees the Trust. The Beneficiaries are the ones that will benefit from the policy. Itโ€™s the Trusteeโ€™s duty to honour the Trust and distribute the funds in accordance with what is set out in the trust, taking into account the settlors (your) wishes. You should bear in mind that there are different trust types, some that give a lot of flexibility for trustees to oversee the trust as they see fit.