Texas Estates Code

§ 1301.101 — REQUIRED TERMS

ES § 1301.101Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part H. COURT-AUTHORIZED TRUSTS AND ACCOUNTS · Ch. 1301. MANAGEMENT TRUSTS · Art. C. TERMS OF MANAGEMENT TRUST

Statute text

View on source

(a)Except as provided by Subsection (c), a management trust created for a ward or incapacitated person must provide that:

(1)the ward or incapacitated person is the sole beneficiary of the trust;

(2)the trustee may disburse an amount of the trust's principal or income as the trustee determines is necessary to spend for the health, education, maintenance, or support of the person for whom the trust is created;

(3)the trust income that the trustee does not disburse under Subdivision (2) must be added to the trust principal;

(4)a trustee that is a corporate fiduciary serves without giving a bond;

(5)subject to the court's approval and Subsection (b), a trustee is entitled to receive reasonable compensation for services the trustee provides to the person for whom the trust is created as the person's trustee; and

…

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 982 (H.B. 2080), Sec. 30, eff. January 1, 2014. Acts 2021, 87th Leg., R.S., Ch. 521 (S.B. 626), Sec. 61, eff. September 1, 2021.