Texas Estates Code

§ 1161.103 — INVESTMENT REQUIREMENTS

ES § 1161.103Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part E. ADMINISTRATION OF GUARDIANSHIP · Ch. 1161. INVESTMENTS AND LOANS OF ESTATES OF WARDS · Art. C. INVESTMENTS IN CERTAIN INSURANCE OR ANNUITIES

Statute text

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(a)An insurance policy in which the guardian of the estate invests must be issued on the life of:

(1)the ward;

(2)the ward's parent, spouse, child, sibling, or grandparent; or

(3)another person in whose life the ward may have an insurable interest.

(b)The ward must be the annuitant in the annuity contract in which the guardian of the estate invests.

(c)Only the ward, the ward's estate, or the ward's parent, spouse, child, sibling, or grandparent may be a beneficiary of the insurance policy or of the death benefit of the annuity contract.

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.