Texas Estates Code 1161.053 – Applicability of Procedure to Certain Assets
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Terms Used In Texas Estates Code 1161.053
- 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 - Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
The fact that an account or other asset is the subject of a specific or general gift under a ward‘s will, if any, or that a ward has funds, securities, or other property held with a right of survivorship does not prevent:
(1) the guardian of the estate from taking possession and control of the asset or closing the account; or
(2) the court from authorizing an action or modifying or eliminating a duty with respect to the possession, control, or investment of the account or other asset.