(a) If the ownership of the property right of an individual has not been transferred at or before the death of the individual, the property right vests as follows:
(1) if there is a surviving spouse but there are no surviving children or grandchildren, the entire interest vests in the surviving spouse;
(2) if there is a surviving spouse and surviving children or grandchildren, one-half the interest vests in the surviving spouse and one-half the interest vests in the surviving children or grandchildren;
(3) if there is no surviving spouse, the entire interest vests in the surviving children of the deceased individual and the surviving children of any deceased children of the deceased individual; or
(4) if there is no surviving spouse, children, or grandchildren, the entire interest vests in the surviving parents of the deceased individual.
(b) The interests of the deceased individual’s children and grandchildren are divided among them and exercisable on a per stirpes basis in the manner provided by § 201.101, Estates Code, according to the number of the deceased individual’s children represented. If there is more than one child of a deceased child of the deceased individual, the share of a child of a deceased child may only be exercised by a majority of the children of the deceased child.

(c) If the property right is split among more than one person, those persons who own more than a one-half interest in the aggregate may exercise the right on behalf of all persons who own the right.