Texas Estates Code 124.051 – Valuation of Property Distributed in Kind in Satisfaction of Pecuniary Gift
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Terms Used In Texas Estates Code 124.051
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Devise: To gift property by will.
- Executor: A male person named in a will to carry out the decedent
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
Unless the governing instrument provides otherwise, if a will or trust contains a pecuniary devise or transfer that may be satisfied by distributing assets in kind and the executor, administrator, or trustee determines to fund the devise or transfer by distributing assets in kind, the property shall be valued, for the purpose of funding the devise or transfer, at the value of the property on the date or dates of distribution.