Texas Estates Code

§ 1301.204 — DISTRIBUTION OF TRUST PROPERTY

ES § 1301.204Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part H. COURT-AUTHORIZED TRUSTS AND ACCOUNTS · Ch. 1301. MANAGEMENT TRUSTS · Art. E. MODIFICATION, REVOCATION, OR TERMINATION OF MANAGEMENT TRUSTS

Statute text

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(a)Unless otherwise provided by the court and except as provided by Subsection (b), the trustee of a management trust shall:

(1)prepare a final account in the same form and manner that is required of a guardian under Sections 1204.101 and 1204.102; and

(2)on court approval, distribute the principal or any undistributed income of the trust to:

(A)the ward or incapacitated person when the trust terminates on the trust's own terms;

(B)the successor trustee on appointment of a successor trustee; or

(C)the representative of the deceased ward's or incapacitated person's estate on the ward's or incapacitated person's death.

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 161 (S.B. 1093), Sec. 6.073, eff. January 1, 2014.