Texas Estates Code 1161.151 – Authority to Invest in Real Estate; Procedure and Requirements
(a) The guardian of the estate may invest estate assets in real estate if:
(1) the guardian believes that the investment is in the ward‘s best interests;
(2) there are on hand sufficient additional assets to provide a return sufficient to provide for:
(A) the education, support, and maintenance of the ward and others the ward supports, if applicable; and
(B) the maintenance, insurance, and taxes on the real estate in which the guardian wishes to invest;
(3) the guardian files a written application with the court requesting a court order authorizing the guardian to make the desired investment and stating the reasons why, in the guardian’s opinion, the investment would be for the ward’s benefit; and
(4) the court issues an order authorizing the investment as provided by this subchapter.
(b) If the ward’s money is invested in real estate, the title to the real estate shall be made to the ward. The guardian shall inventory, appraise, manage, and account for the real estate as the guardian does with other real estate of the ward.
Terms Used In Texas Estates Code 1161.151
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - 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 - Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005