Texas Estates Code 113.153 – Ownership of Trust Account On Death of Trustee
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(a) If the account is a trust account and there is a written agreement signed by the trustee or trustees, on death of the trustee or the survivor of two or more trustees, any sums remaining on deposit belong to:
(1) the person or persons named as beneficiaries, if surviving; or
(2) the survivor of the persons named as beneficiaries if one or more beneficiaries die before the trustee.
(b) If two or more beneficiaries survive, no right of survivorship exists between the surviving beneficiaries unless the terms of the account or deposit agreement expressly provide for survivorship between those beneficiaries.
Terms Used In Texas Estates Code 113.153
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005