Texas Property Code 121.053 – Validity of Trust Declaration
Current as of: 2024 | Check for updates
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Terms Used In Texas Property Code 121.053
- 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
- Trustee: A person or institution holding and administering property in trust.
The validity of a trust agreement or declaration is not affected by:
(1) the absence of a corpus other than the right of the trustee to receive a death benefit as beneficiary;
(2) the employee’s reservation of the right to designate another beneficiary of the death benefit; or
(3) the existence of authority to amend, modify, revoke, or terminate the agreement or declaration.