Texas Estates Code 1301.056 – Contents of Order Creating Trust
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Terms Used In Texas Estates Code 1301.056
- Fiduciary: A trustee, executor, or administrator.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
An order creating a management trust must:
(1) direct any person or entity holding property that belongs to the person for whom the trust is created or to which that person is entitled to deliver all or part of that property to a person or corporate fiduciary appointed as trustee of the trust; and
(2) include terms and limitations placed on the trust.