Texas Estates Code 124.001 – Definitions
Terms Used In Texas Estates Code 124.001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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 - Decedent: A deceased person.
- 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 - Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Property: means real and personal property. See Texas Government Code 311.005
- Venue: The geographical location in which a case is tried.
In this subchapter:
(1) “Court” means:
(A) a court in which proceedings for administration of an estate are pending or have been completed; or
(B) if no proceedings are pending or have been completed, a court in which venue lies for the administration of an estate.
(2) “Estate” means the gross estate of a decedent as determined for the purpose of estate taxes.
(3) “Estate tax” means any estate, inheritance, or death tax levied or assessed on the property of a decedent’s estate because of the death of a person and imposed by federal, state, local, or foreign law, including the federal estate tax and the inheritance tax imposed by former Chapter 211, Tax Code, and including interest and penalties imposed in addition to those taxes. The term does not include a tax imposed under Section 2601 or 2701(d)(1)(A), Internal Revenue Code of 1986 (26 U.S.C. § 2601 or 2701(d)).
(4) “Person” includes a trust, natural person, partnership, association, joint stock company, corporation, government, political subdivision, or governmental agency.
(5) “Person interested in the estate” means a person, or a fiduciary on behalf of that person, who is entitled to receive or who has received, from a decedent or because of the death of the decedent, property included in the decedent’s estate for purposes of the estate tax. The term does not include a creditor of the decedent or of the decedent’s estate.
(6) “Representative” means the representative, executor, or administrator of an estate, or any other person who is required to pay estate taxes assessed against the estate.