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Trusts - Life Insurance Trusts - Contingent Unfunded Life Insurance Trust As Testamentary Disposition, Jerome K. Walsh Jr.

Michigan Law Review

Settlor named defendant bank beneficiary of eight insurance policies on his life. At the same time he entered into a trust agreement with the bank under which the bank was to hold the policies until the death of the settlor and, upon his death, collect the proceeds and distribute them according to one of two alternate methods of distribution. If his wife elected to reject the provisions made for her in his will and insisted on her statutory share of his estate, then the insurance proceeds were to be divided info four equal parts and paid to his four daughters. …