In $2014$ the Klein's purchased a $$1,000,000$ life insurance policy. It is a survivorship policy and names the children as beneficiaries. The current Cash Value is $$350,000.$ They are currently the owners of the policy and have named their children as the beneficiaries. They told you that they plan on naming a Trust as the beneficiary of the life insurance.

Assume that you are having a conversation with them before either of their deaths. What would you recommend and why?