Texas Estates Code 115.003 – Joint Ownership
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(a) If a motor vehicle that is the subject of a beneficiary designation is owned by joint owners with right of survivorship, the beneficiary designation must be made by all of the joint owners.
(b) A beneficiary designation made by joint owners with right of survivorship:
(1) may be revoked or changed as provided by Section 501.0315, Transportation Code, only if it is revoked or changed by all of the joint owners; and
(2) may be revoked or changed by the last surviving joint owner as provided by Section 501.0315, Transportation Code.
Terms Used In Texas Estates Code 115.003
- 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
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.