Crenshaw v. Crenshaw

In 1931, Gordon P. Crenshaw purchased three policies of insurance for $25,000 each on his life with appellee, Lamar Life Insurance Company. These policies were in customary form, with provisions for change of beneficiary, withdrawal of loan values, etc., and designated as the beneficiary “Gordon P. Crenshaw, his executors, administrators and assigns.”

After the policies had been in force for some years, Crenshaw was advised that by making an irrevocable designation of beneficiaries the state inheritance tax and federal estate tax would be lessened. Crenshaw thereupon applied for such…