Texas Estates Code 353.154 – Certain Property Not Considered in Determining Solvency
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Terms Used In Texas Estates Code 353.154
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Executor: A male person named in a will to carry out the decedent
- Exempt property: means the property in a decedent's estate that is exempt from execution or forced sale by the constitution or laws of this state, and any allowance paid instead of that property. See Texas Estates Code 22.013
- Property: means real and personal property. See Texas Government Code 311.005
In determining whether an estate is solvent or insolvent, the exempt property set aside for the decedent‘s surviving spouse or children, any allowance made in lieu of that exempt property, the family allowance under Subchapter C, and any remaining exempt property held by the executor or administrator may not be estimated or considered as estate assets.