Texas Estates Code 255.101 – Certain Lifetime Gifts Considered Satisfaction of Devise
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Terms Used In Texas Estates Code 255.101
- Devise: To gift property by will.
- Devisee: includes a legatee. See Texas Estates Code 22.009
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Testator: A male person who leaves a will at death.
Property that a testator gives to a person during the testator’s lifetime is considered a satisfaction, either wholly or partly, of a devise to the person if:
(1) the testator’s will provides for deduction of the lifetime gift from the devise;
(2) the testator declares in a contemporaneous writing that the lifetime gift is to be deducted from, or is in satisfaction of, the devise; or
(3) the devisee acknowledges in writing that the lifetime gift is in satisfaction of the devise.