Decedents' estates — Unfunded insurance trust — Testamentary disposition — Surviving spouse — Taking against trust — Estates Act of 1947.
Where it appeared that in 1940 settlor deposited with a trust company certain life insurance policies on his life under an agreement directing disposition of policy proceeds; that the bank although named trustee, was only a custodian of the policies during settlor's life; that in 1949 settlor amended the agreement to provide for a different disposition of the proceeds after his death but to the same beneficiaries; and that settlor died in 1953 and his widow elected to take against his will and against the trust, it was Held that (1) the trust agreement was a testamentary disposition both at common law and under the Estates Act of 1947, P. L. 100, § 11; (2) the transfer of life insurance policies to a trustee under an agreement directing the disposition of the policy proceeds is a "conveyance" under § 11 of the Estates Act of 1947; (3) the Estates Act of 1947 was applicable to the whole fund and (4) the widow was entitled to one-half of the assets in the insurance trust.
OPINION PER CURIAM, January 13, 1956:
The decree is affirmed on the opinion of President Judge COPELAND at 4 Pa. D. C.2d 722, costs to be borne by the estate.