Terms Used In Texas Special District Local Laws Code Chapter 7201
Child: includes an adopted child, regardless of whether the adoption occurred through: (1) an existing or former statutory procedure; or (2) an equitable adoption or acts of estoppel. See Texas Estates Code 22.004
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.
Estate: means a decedent's property, as that property: (1) exists originally and as the property changes in form by sale, reinvestment, or otherwise; (2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and (3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012
Executor: A male person named in a will to carry out the decedent
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
Intestate: Dying without leaving a will.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
Testator: A male person who leaves a will at death.
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.