Texas Estates Code 1301.154 – Annual Accounting
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(a) The trustee of a management trust created for a ward shall prepare and file with the court an annual accounting of transactions in the trust in the same manner and form that is required of a guardian of the estate under this title.
(b) The trustee of a management trust created for a ward shall provide a copy of the annual account to each guardian of the ward.
Terms Used In Texas Estates Code 1301.154
- 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 - 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.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Trustee: A person or institution holding and administering property in trust.
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
(c) The annual account is subject to court review and approval in the same manner that is required of an annual account prepared by a guardian under this title.
(d) The court may not require a trustee of a trust created for a person who has only a physical disability to prepare and file with the court the annual accounting as described by Subsection (a).