113.153 – OWNERSHIP OF TRUST ACCOUNT ON DEATH OF TRUSTEE.
Texas Estates Code § 113.153
Summary
This law outlines the ownership of trust account funds upon the death of a trustee. It specifies that remaining funds will go to the named beneficiaries or their survivors, ensuring clarity in asset distribution after a trustee's death.
Funds in a trust account pass to named beneficiaries upon trustee's death.
Surviving beneficiaries inherit if one or more beneficiaries predecease the trustee.
Written agreements by trustees are essential for proper fund distribution.
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In simple terms: Learn about Texas's OWNERSHIP OF TRUST ACCOUNT ON DEATH OF TRUSTEE. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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