Texas Estates Code 1161.052 – Court Action
(a) If the court determines that the action requested in the application is in the best interests of the ward and the ward’s estate, the court shall issue an order:
(1) granting the authority requested in the application; or
(2) modifying or eliminating the guardian‘s duty to keep the estate invested.
(b) An order under Subsection (a) must state in reasonably specific terms:
(1) the nature of the investment, investment plan, or other action requested in the application and authorized by the court, including any authority to invest in and sell securities in accordance with the investment plan’s objectives;
(2) when an investment must be reviewed and reconsidered by the guardian; and
(3) whether the guardian must report the guardian’s review and recommendations to the court.
Terms Used In Texas Estates Code 1161.052
- 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.
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
(c) A citation or notice is not necessary to invest in or sell securities under an investment plan authorized by the court under this section.