Conway Trust

Lefever, J.,

William Conway, Jr., settlor, under date of March 10, 1942, executed a deed of trust wherein he created an unfunded inter vivos *386life insurance trust with the Fidelity-Philadelphia Trust Company and Robert M. Green, Esquire, as trustees. At the same time, he designated the trustees as beneficiaries of four insurance policies upon his life. The trust agreement expressly provided: (1) That trustees had no obligation to pay the premiums on the life insurance policies during settlor’s lifetime; (2) “. . . that all benefits, privileges, and options accruing on the policies held…