Texas Estates Code 453.006 – Account of Debts and Disposition of Community Property
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(a) The surviving spouse shall keep a fair and full account and statement of:
(1) all debts and expenses paid by the surviving spouse; and
(2) the disposition made of the community property.
(b) The surviving spouse or personal representative shall keep a separate, distinct account of all debts allowed or paid in the administration and settlement of an estate described by § 101.052.
Terms Used In Texas Estates Code 453.006
- 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 - Property: means real and personal property. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.