Reliance Life Insurance v. Jaffe

David and Gertrude Gandin had two minor daughters, to wit: Leslie S. and Peggy Dee. In contemplation of divorce, the parents by a writing entered into an agreement for a property settlement. By that document they agreed that a life insurance policy in David’s name “is to be maintained by the husband”; the beneficiaries to be Leslie and Peggy Dee, “share and share alike, or to the survivor of them.” Prior to his death David executed a change of beneficiary whereby he directed that the proceeds of the policy be placed in two equal trusts with each daughter a beneficiary and his sister, Rose…