Decedent purchased four stock certificates, issued in his name as trustee for Williams (D). Decedent also executed Declarations of Trust with respect to each of the certificates. These instruments provided that during his lifetime, decedent retained the rights to dividends from the stock, the right to deal in or sell the stock, and the right to revoke the trust or change the beneficiary. The declarations of trust were not valid testamentary instruments. The administrators of decedent's estate (P) sued to establish their rights as co-administrators in the stock certificates. The lower court found in P's favor, holding that the declarations were testamentary in character, but were invalid. D appeals.

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