Texas Estates Code 1302.004 – Establishment of Subaccount
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Terms Used In Texas Estates Code 1302.004
- 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
- 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 - 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
If the court finds that it is in the best interests of a person who is the subject of an application under Section 1302.002, the court may order:
(1) the establishment of a subaccount of which the person is the beneficiary; and
(2) the transfer to the subaccount of any of the person’s property on hand or accruing to the person.