Terms Used In Texas Estates Code Chapter 401 - Creation

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Claims: includes :
  (1) liabilities of a decedent that survive the decedent's death, including taxes, regardless of whether the liabilities arise in contract or tort or otherwise;
  (2) funeral expenses;
  (3) the expense of a tombstone;
  (4) expenses of administration;
  (5) estate and inheritance taxes; and
  (6) debts due such estates. See Texas Estates Code 22.005
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Distributee: means a person who is entitled to a part of the estate of a decedent under a lawful will or the statutes of descent and distribution. See Texas Estates Code 22.010
• Executor: A male person named in a will to carry out the decedent
• Fraud: Intentional deception resulting in injury to another.
• Independent executor: means the personal representative of an estate under independent administration as provided by Chapter Texas Estates Code 22.017
• Intestate: Dying without leaving a will.
• Judge: means the presiding judge of any court having original jurisdiction over probate proceedings, regardless of whether the court is:
  (1) a county court in the exercise of its probate jurisdiction;
  (2) a court created by statute and authorized to exercise probate jurisdiction; or
  (3) a district court exercising probate jurisdiction in a contested matter. See Texas Estates Code 22.019
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Minor: means a person younger than 18 years of age who:
  (1) has never been married; and
  (2) has not had the disabilities of minority removed for general purposes. See Texas Estates Code 22.022
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Probate: Proving a will
• Property: means real and personal property. See Texas Government Code 311.005
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• 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.
• Surety: includes a personal surety and a corporate surety. See Texas Estates Code 22.032
• Testate: To die leaving a will.
• Trustee: A person or institution holding and administering property in trust.
• Will: includes :
  (1) a codicil; and
  (2) a testamentary instrument that merely:
  (A) appoints an executor or guardian;
  (B) directs how property may not be disposed of; or
  (C) revokes another will. See Texas Estates Code 22.034