Texas Insurance Code 1104.023 – Debts; Inheritance Tax
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 1104.023
- 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
- Executor: A male person named in a will to carry out the decedent
- Trustee: A person or institution holding and administering property in trust.
Life insurance policy proceeds received by a trustee under this subchapter are not subject to debts of the insured or to inheritance tax to any greater extent than if the proceeds were payable to a beneficiary other than the executor or administrator of the insured’s estate.