Step 1

Make the vanilla pudding first! It needs a couple hours to set.

Step 2

Pour the sweetened condensed milk and cold water into a large bowl. Whisk together until combined.

Step 3

Add in the vanilla pudding mix and whisk until smooth.

Step 4

Cover with plastic wrap and place in the fridge to set for a couple hours or overnight.

Step 5

Once the pudding has set, make the stabilized whipped cream.

Step 6

Chill your mixing bowl and whisk attachment in the freezer for 30 minutes to help the heavy cream whip up better.

Step 7

Place 1 cup (8 oz. block) of cold cream cheese into the chilled mixing bowl and mix on a medium low speed until smooth.

Step 8

Pour in 1 cup of powdered sugar and mix on low at first to avoid an powdered sugar clouds / explosions. Increase the speed to medium high once the powdered sugar is incorporated and mix for about 1 minute. Scrape the side and bottom of the bowl with a rubber spatula as needed throughout this process.

Step 9

Add in 1 tsp of vanilla extract, then turn the mixer to a medium high speed and gradually pour in 2 cups of cold heavy cream. I like to do this in about 4 additions, and focus on pouring the heavy cream down the side of the bowl to prevent it from splattering.

Step 10

Watch the mixture closely once the heavy cream is fully mixed in. It should thicken and take shape shortly after this (mine usually does within about 30 seconds of mixing in the heavy cream). Take care not to over-mix your whipped cream!! It will become soupy and difficult to fix if over-whipped.

Step 11

As soon as you see the whipped cream start to take shape, turn off your mixer and do a quick whisk test. Dunk your whisk attachment into the frosting, then put it out and flip it upside down. The frosting should keep its shape and form a nice peak. If it doesn't, continue to mix the frosting on a medium high speed for 15 second intervals until it does.

Step 12

Use 1/2 the vanilla pudding to spread an even layer on the bottom of an 8-inch trifle dish.

Step 13

Add an even layer of chopped vanilla wafers, using about half of them.

Step 14

Create the next layer using half of the sliced bananas.

Step 15

Top with 1/2 of the whipped cream, and use an offset spatula to create an even layer.

Step 16

Repeat with remaining ingredients to create an additional layers.

Step 17

Garnish with fresh banana slices and vanilla wafer and enjoy!