Flexible deed and term asssurance

[JMP]

Hello

Have not had a reply in trust and estates forum, so thought this might be a place to post my question as well. Thanks

I recently took out a term assurance without profits and completed a Flexible Gift Trust Deed (I am Settlor 1; wife is Trustee). The Insurance company confirmed receipt and noted that as I had not named a beneficiary in Section A that "Inland Revenue might regard this as a discretionary trust with its associated taxation regime".

Wanted my wife and son to be beneficiaries and did not want to potentially incur tax liability! Should I list my wife and /or son as beneficiaries? Can my wife be both trustee and beneficiary? There is also a further Section B - Potential Benficiaries - is this in case wife and son are not surviors?

The insurance firm says I can name default beneficiary by completing a "deed of appointment of beneficiaries" - just want make sure I do it correctly!

Thanks in advance for your help!