690. Bequest of an annuity followed by a direction to purchase an annuity.

A simple bequest of an annuity1, followed by a direction to trustees to purchase an annuity or a direction to purchase standing alone is, in effect, a gift of the value of the annuity2. The annuitant thus has a right to claim in cash the price to be paid for the annuity, and, if he dies before the purchase, his representatives have a similar right, even where his death occurs immediately after that of the testator3.

If the annuitant elects to take the cash value, convention is that the capital value should be calculated by reference to government tables4 and