Texas Property Code Chapter 116 > Subchapter B – Decedent’s Estate or Terminating Income Interest
Current as of: 2024 | Check for updates
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Other versions
| § 116.051 | Determination and Distribution of Net Income |
| § 116.052 | Distribution to Residuary and Remainder Beneficiaries |
Terms Used In Texas Property Code Chapter 116 > Subchapter B - Decedent's Estate or Terminating Income Interest
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.