Texas Property Code 143.002 – Application to Establish Subaccount
Terms Used In Texas Property Code 143.002
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
The following persons may apply to the court having jurisdiction under Section 142.005 for the establishment of a subaccount solely for the benefit of a proposed beneficiary who is a person for whom a management trust has been or could be established for the person’s benefit under Section 142.005:
(1) the trustee of a management trust established under Section 142.005 for the benefit of the proposed beneficiary of the subaccount;
(2) the guardian of the person or estate, or both, of the proposed beneficiary of the subaccount;
(3) a person who has filed an application for the appointment of a guardian of the person or estate, or both, for the proposed beneficiary of the subaccount;
(4) an attorney ad litem or guardian ad litem appointed to represent the proposed beneficiary of the subaccount; or
(5) the proposed beneficiary, if the proposed beneficiary is not a minor or incapacitated person.