Texas Estates Code 201.151 – Determination of Advancement; Date of Valuation
(a) If a decedent dies intestate as to all or part of the decedent’s estate, property that the decedent gave during the decedent’s lifetime to a person who, on the date of the decedent’s death, is the decedent’s heir, or property received by the decedent’s heir under a nontestamentary transfer under Subchapter B, Chapter 111, or Chapter 112 or 113, is an advancement against the heir’s intestate share of the estate only if:
(1) the decedent declared in a contemporaneous writing, or the heir acknowledged in writing, that the gift or nontestamentary transfer is an advancement; or
(2) the decedent’s contemporaneous writing or the heir’s written acknowledgment otherwise indicates that the gift or nontestamentary transfer is to be considered in computing the division and distribution of the decedent’s intestate estate.
(b) For purposes of Subsection (a), property that is advanced is valued as of the earlier of:
(1) the time that the heir came into possession or enjoyment of the property; or
(2) the time of the decedent’s death.
Terms Used In Texas Estates Code 201.151
- Decedent: A deceased person.
- 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 - Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Heir: means a person who is entitled under the statutes of descent and distribution to a part of the estate of a decedent who dies intestate. See Texas Estates Code 22.015
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Intestate: Dying without leaving a will.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Property: means real and personal property. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005