Terms Used In Texas Estates Code Chapter 1021 - General Provisions

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Inter vivos: Transfer of property from one living person to another living person.
• Probate: Proving a will
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statutory probate court: means a court created by statute and designated as a statutory probate court under Chapter 25, Government Code. See Texas Estates Code 22.007
• Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032
• Trustee: A person or institution holding and administering property in trust.