691. Direction to trustees to invest a stated amount in purchase of an annuity.

691.     Direction to trustees to invest a stated amount in purchase of an annuity.

Where the will contains a direction to trustees to invest a specified sum in the purchase of an annuity1 for the annuitant's benefit, this is in effect a gift of that sum and the annuitant is entitled to be paid that amount2. If he dies before appropriation, his representatives have a similar right3.