Texas Estates Code 405.0015 – Distributions Generally
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Terms Used In Texas Estates Code 405.0015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 - Executor: A male person named in a will to carry out the decedent
- Independent executor: means the personal representative of an estate under independent administration as provided by Chapter 401 and § 402. See Texas Estates Code 22.017
- Property: means real and personal property. See Texas Government Code 311.005
Unless the will, if any, or a court order provides otherwise, an independent executor may, in distributing property not specifically devised that the independent executor is authorized to sell:
(1) make distributions in divided or undivided interests;
(2) allocate particular assets in proportionate or disproportionate shares;
(3) value the estate property for the purposes of acting under Subdivision (1) or (2); and
(4) adjust the distribution, division, or termination for resulting differences in valuation.