Texas Estates Code 1302.005 – Terms of Subaccount
Terms Used In Texas Estates Code 1302.005
- 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
- Claims: includes :
(1) liabilities of a decedent that survive the decedent's death, including taxes, regardless of whether the liabilities arise in contract or tort or otherwise;
(2) funeral expenses;
(3) the expense of a tombstone;
(4) expenses of administration;
(5) estate and inheritance taxes; and
(6) debts due such estates. See Texas Estates Code 22.005 - 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.
- Minor: means a person younger than 18 years of age who:
(1) has never been married; and
(2) has not had the disabilities of minority removed for general purposes. See Texas Estates Code 22.022 - personal representative: include :
(1) an executor and independent executor;
(2) an administrator, independent administrator, and temporary administrator; and
(3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031 - Property: means real and personal property. See Texas Government Code 311.005
Unless the court orders otherwise, the terms governing the subaccount must provide that:
(1) the subaccount terminates on the earliest of the date of:
(A) the beneficiary‘s 18th birthday, if the beneficiary is not disabled on that date and was a minor at the time the subaccount was established;
(B) the beneficiary’s death; or
(C) a court order terminating the subaccount; and
(2) on termination, any property remaining in the beneficiary’s subaccount after making any required payments to satisfy the amounts of medical assistance reimbursement claims for medical assistance provided to the beneficiary under this state’s medical assistance program and other states’ medical assistance programs shall be distributed to:
(A) the beneficiary, if on the date of termination the beneficiary is living and is not incapacitated;
(B) the beneficiary’s guardian, if on the date of termination the beneficiary is living and is incapacitated; or
(C) the personal representative of the beneficiary’s estate, if on the date of termination the beneficiary is deceased.