This section provides definitions crucial for understanding terms used in the chapter, particularly 'accounting period' and 'beneficiary'. It clarifies how these terms apply to fiduciaries managing estates or trusts, impacting their reporting and distribution obligations.
Defines 'accounting period' as a calendar year or selected 12-month period.
'Beneficiary' includes heirs, legatees, and devisees in estates and trusts.
Clarifies terms for fiduciaries managing estates or trusts.
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In simple terms: Learn about Texas's DEFINITIONS. In this chapter: 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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