Rhoads v. McFarland

Pearson, Vice Chancellor:

In 1935, George A. Rhoads entered into an agreement with complainants as trustees for the purpose of creating a “life insürance trust.” It provides for the division and allocation of proceeds of policies on his life for the benefit of his issue living at his death, a separate share to be held for each child. The income from a child’s share is payable to the child for life, *234and. provision is made for the disposition of the principal upon the death of the child. The settlor died in 1937 survived by four daughters, three of whom are still living and are the non-appearing…