Terms Used In Texas Estates Code Chapter 2001 > Subchapter A - General Provisions

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• 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.
• Independent executor: means the personal representative of an estate under independent administration as provided by Chapter 401 and § 402. See Texas Estates Code 22.017
• Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
• Person: includes a natural person and a corporation. See Texas Estates Code 22.027
• personal representative: include :
  (1) an executor and independent executor;
  (2) an administrator, independent administrator, and temporary administrator; and
  (3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• 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.
• Trustee: A person or institution holding and administering property in trust.
• Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033