Select at least two trustees: Tension between beneficiaries and trustees is often a feature of trusts, so picking the right people is vital.

Sometimes trustees will be the same people who are also appointed guardians in case of the death of both parents. Some parents will nominate a person such as a brother or sister from each side of the family to spread the interest, according to Mr Jermyn.

Often an accountant or solicitor, perhaps the executor of the will, will also act as a trustee, but this can be expensive. Such expertise is not essential, he believes.

"Common sense and an interest in the children are the main requirements, because if you have those you can always call on expertise should the need arise."

Make sure the trust is well-drafted: As part of a will, it is important to review the provisions under a trust on a regular basis, as family circumstances change.

Problems can arise if trustees do not have full powers to deal with property on the child's behalf.

The person setting up the trust must also opt for either a fixed trust, where the beneficiaries are named and the method of applying the assets is clearly spelt out, or the more flexible discretionary trusts, where a class of beneficiaries may be named - such as all minor children - but the trustees have complete discretion as to who exactly benefits and when.

Take account of the tax consequences: "The taxes which are often overlooked are income tax for the trustees and, as importantly, the potential for capital gains tax when the assets are passed to the child," says Mr Grogan.

If both parents are killed in a car crash and have made a trust will, the total assets will be valued and held in trust for minor children.

If at this time the estate is worth €400,000, but grows in value to €900,000 by the time the child reaches 18, then the increase in value may cross current inheritance tax thresholds and give rise to a tax charge on the gain.

Laura Slattery