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The trust route also has the added benefit of having multiple people in the trust that can have possession of the item.

If you do the individual route, you, and only you, can ever have possession of it. Other persons can only use it with you present.
It also complicates the issue of transferring it to someone in the family in the event of your demise.

IMO Everyone who has a life insurance policy should setup a trust for it, unless they actually like the idea of their beneficiary having to pay 45% estate tax on the insurance payout.
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