Texas Estates Code 1161.106 – Control and Ownership of Policies or Annuities
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(a) Control of an insurance policy or an annuity contract and of the incidents of ownership in the policy or contract is vested in the guardian of the estate during the ward‘s life and disability.
(b) A right, benefit, or interest that accrues under an insurance policy or annuity contract subject to this subchapter becomes the ward’s exclusive property when the ward’s disability is terminated.
Terms Used In Texas Estates Code 1161.106
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- 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 - Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Property: means real and personal property. See Texas Government Code 311.005
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033