Texas Estates Code 362.001 – Settling and Closing Administration of Estate
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Estates Code 362.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
The administration of an estate shall be settled and closed when:
(1) all the debts known to exist against the estate have been paid, or have been paid to the extent permitted by the assets in the personal representative‘s possession; and
(2) no further need for administration exists.