Texas Property Code
§ 121.052 — PAYMENT OF DEATH BENEFIT TO TRUSTEE
PR § 121.052Title 9. TRUSTS · Part C. MISCELLANEOUS TRUSTS · Ch. 121. EMPLOYEES' TRUSTS · Art. B. DEATH BENEFITS UNDER EMPLOYEES' TRUSTS
Statute text
View on source(a)A death benefit is payable to a trustee of a trust evidenced by a written instrument or declaration existing on the date of an employee's or participant's death, or to a trustee named or to be named as trustee of a trust created under an employee's or participant's will, if the trustee is designated as beneficiary under the plan containing the employees' trust or under the retirement account.
(b)A trustee of a testamentary trust may be designated under Subsection (a) prior to the execution of the will.
(c)A death benefit under a will is not payable until the will is probated.
(d)The trustee shall hold, administer, and dispose of a death benefit payable under this section in accordance with the terms of the trust on the date of the employee's death.
(e)A death benefit is payable to a trustee of a trust created by the will of a person other than the employee if:
(1)the will has been probated at the time of the employee's death; and
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Legislative history
Acts 1983, 68th Leg., p. 3693, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1987, 70th Leg., ch. 741, Sec. 4, eff. Aug. 31, 1987.