Terms Used In Texas Finance Code Chapter 397
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 113.1541
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Devisee: includes a legatee. See Texas Estates Code 113.156
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Heir: means a person who is entitled under the statutes of descent and distribution to a part of the estate of a decedent who dies intestate. See Texas Estates Code 113.203
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes a natural person and a corporation. See Texas Estates Code 113.253
- person interested: means :
(1) an heir, devisee, spouse, creditor, or any other having a property right in or claim against an estate being administered; and
(2) anyone interested in the welfare of an incapacitated person, including a minor. See Texas Estates Code 113.206
- Personal property: All property that is not real property.
- 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 114.004
- Testator: A male person who leaves a will at death.