Texas Property Code 112.001 – Methods of Creating Trust
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Terms Used In Texas Property Code 112.001
- Donee: The recipient of a gift.
- Inter vivos: Transfer of property from one living person to another living person.
- 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
- Trustee: A person or institution holding and administering property in trust.
A trust may be created by:
(1) a property owner’s declaration that the owner holds the property as trustee for another person;
(2) a property owner’s inter vivos transfer of the property to another person as trustee for the transferor or a third person;
(3) a property owner’s testamentary transfer to another person as trustee for a third person;
(4) an appointment under a power of appointment to another person as trustee for the donee of the power or for a third person; or
(5) a promise to another person whose rights under the promise are to be held in trust for a third person.