Texas Estates Code 355.103 – Priority of Certain Payments
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Estates Code 355.103
- 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 - 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 - 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
When a personal representative has estate funds in the representative’s possession, the representative shall pay in the following order:
(1) funeral expenses in an amount not to exceed $15,000 and expenses of the decedent‘s last illness in an amount not to exceed $15,000;
(2) allowances made to the decedent’s surviving spouse and children, or to either the surviving spouse or children;
(3) expenses of administration and expenses incurred in preserving, safekeeping, and managing the estate; and
(4) other claims against the estate in the order of the claims’ classifications.