Texas Property Code 141.007 – Other Transfer by Fiduciary
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(a) Subject to Subsections (b) and (c), a guardian, legal representative, or trustee may make an irrevocable transfer to another adult or trust company as custodian for a minor’s benefit under Section 141.010 in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) With the approval of the court supervising the guardianship, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the minor’s benefit under Section 141.010.
Terms Used In Texas Property Code 141.007
- 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.
- Trustee: A person or institution holding and administering property in trust.
(c) A transfer under Subsection (a) or (b) may be made only if:
(1) the legal representative or trustee considers the transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(3) the transfer is authorized by the court if it exceeds $25,000 in value.