Texas Estates Code
§ 111.054 — APPLICATION OF STATE LAW TO CERTAIN NONTESTAMENTARY TRANSFERS
ES § 111.054Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part C. PASSAGE OF TITLE AND DISTRIBUTION OF DECEDENTS' PROPERTY IN GENERAL · Ch. 111. NONPROBATE ASSETS IN GENERAL · Art. B. OTHER PROVISIONS FOR PAYMENT OR TRANSFER
Statute text
View on source(a)This section applies if more than 50 percent of the:
(1)assets in an account at a financial institution, in a retirement account, or in another similar arrangement are owned, immediately before a possible nontestamentary transfer of the assets, by one or more persons domiciled in this state; or
(2)interests under an insurance contract, annuity contract, beneficiary designation, or other similar arrangement are owned, immediately before a possible nontestamentary transfer of the interests, by one or more persons domiciled in this state.
(b)Notwithstanding a choice of law or other contractual provision in an agreement prepared or provided by a contracting third party, Texas law applies to determine:
(1)whether a nontestamentary transfer of assets or interests described by Subsection (a) has occurred; and
(2)the ownership of the assets or interests following a possible nontestamentary transfer.
…
Legislative history
Added by Acts 2013, 83rd Leg., R.S., Ch. 1136 (H.B. 2912), Sec. 10, eff. January 1, 2014.