Texas Estates Code
§ 123.056 — CERTAIN TRUSTS WITH DIVORCED INDIVIDUALS AS JOINT SETTLORS
ES § 123.056Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part C. PASSAGE OF TITLE AND DISTRIBUTION OF DECEDENTS' PROPERTY IN GENERAL · Ch. 123. DISSOLUTION OF MARRIAGE · Art. B. EFFECT OF DISSOLUTION OF MARRIAGE ON CERTAIN NONTESTAMENTARY TRANSFERS
Statute text
View on source(a)This section applies only to a trust created under a trust instrument that:
(1)was executed by two married individuals as settlors whose marriage to each other is subsequently dissolved; and
(2)includes a provision described by Section 123.052(a).
(b)On the death of one of the divorced individuals who is a settlor of a trust to which this section applies, the trustee shall divide the trust into two trusts, each of which shall be composed of the property attributable to the contributions of only one of the divorced individuals.
(c)An action authorized in a trust instrument described by Subsection (a) that requires the actions of both divorced individuals may be taken with respect to a trust established in accordance with Subsection (b) from the surviving divorced individual's contributions solely by that divorced individual.
(d)The provisions of this subchapter apply independently to each trust established in accordance with Subsection (b) as if the divorced individual from whose contributions the trust was established had been the only settlor to execute the trust instrument described by Subsection (a).
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Legislative history
Added by Acts 2017, 85th Leg., R.S., Ch. 844 (H.B. 2271), Sec. 6, eff. September 1, 2017.