Texas Estates Code 113.154 – Ownership of Convenience Account On Death of Party
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Terms Used In Texas Estates Code 113.154
- 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 - Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
On the death of the last surviving party to a convenience account:
(1) a convenience signer has no right of survivorship in the account; and
(2) ownership of the account remains in the estate of the last surviving party.