What is the test for making a testamentary disposition of shares?

"Taking it all together, it justified the inference that, while (the owner) undoubtedly intended and desired that any of the certificates not parted with in her lifetime should go to the parties designated, she was not transferring any present interest in the shares, but was merely endeavoring to arrange a disposition of them which should take effect upon her death. Such disposition, being in effect testamentary, could not be made effective except by a will executed in accordance with the statutory requirements governing the making of wills." (Noble v. Learned, supra, 153 Cal. 245, 252, 94 P. 1047, 1050.)