Texas Estates Code 113.104 – Ownership of Trust Account During Trustee’s Lifetime
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(a) A trust account belongs beneficially to the trustee during the trustee’s lifetime unless:
(1) the terms of the account or the deposit agreement manifest a contrary intent; or
(2) other clear and convincing evidence of an irrevocable trust exists.
(b) If two or more parties are named as trustees on a trust account, during the parties’ lifetimes beneficial rights between the parties are governed by § 113.102.
Terms Used In Texas Estates Code 113.104
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(c) An account that is an irrevocable trust belongs beneficially to the beneficiary.