113.1541 – OWNERSHIP OF OTHER ACCOUNT WITH CONVENIENCE
Texas Estates Code § 113.1541
Summary
This law clarifies that when the last account holder dies, a convenience signer does not inherit the account unless they are also a designated pay-on-death beneficiary. This affects estates and convenience signers by determining account ownership after death.
Convenience signers do not inherit accounts upon the last holder's death.
The estate of the deceased owns the account unless specified otherwise.
Convenience signers can inherit if named as P.O.D. payees or beneficiaries.
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In simple terms: Learn about Texas's OWNERSHIP OF OTHER ACCOUNT WITH CONVENIENCE 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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