Texas Estates Code 123.051 – Definitions
Terms Used In Texas Estates Code 123.051
- 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
- Property: means real and personal property. See Texas Government Code 311.005
In this subchapter:
(1) “Disposition or appointment of property” includes a transfer of property to or a provision of another benefit to a beneficiary under a trust instrument.
(2) “Divorced individual” means an individual whose marriage has been dissolved by divorce, annulment, or a declaration that the marriage is void.
(2-a) “Relative” means an individual who is related to another individual by consanguinity or affinity, as determined under Sections 573.022 and 573.024, Government Code, respectively.
(3) “Revocable,” with respect to a disposition, appointment, provision, or nomination, means a disposition to, appointment of, provision in favor of, or nomination of an individual’s spouse that is contained in a trust instrument executed by the individual before the dissolution of the individual’s marriage to the spouse and that the individual was solely empowered by law or by the trust instrument to revoke regardless of whether the individual had the capacity to exercise the power at that time.