Texas Estates Code 113.1541 – Ownership of Other Account With Convenience Signer On Death of Last Surviving Party
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Terms Used In Texas Estates Code 113.1541
- 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
- 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 - Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
On the death of the last surviving party to an account that has a convenience signer designated as provided by § 113.106, the convenience signer does not have a right of survivorship in the account and the estate of the last surviving party owns the account unless the convenience signer is also designated as a P.O.D. payee or as a beneficiary.