Most of the time the close family of the creator are the beneficiaries.
However, a relative, a friend, or a company could be a beneficiary, or share with related (or unrelated) beneficiaries.
You can name a charity, your favorite school, or just share with them.
You can currently benefit during your lifetime, then shift benefits to your children.
Then, shift the benefits further, after they are gone.
The ultimate benefit is that none of the beneficiaries could have the assets attacked for debts, divorces, lawsuits, or other problems of the beneficiaries!