Title ES, Estates Code

Sec. 1301.052. VENUE FOR PROCEEDING INVOLVING TRUST FOR AN ALLEGED INCAPACITATED PERSON. (a) An application for the creation of a trust under Section 1301.054 for an alleged incapacitated person must be filed in the same court in which a proceeding for the appointment of a guardi…

Sec. 1301.053. CREATION OF TRUST. (a) On application by an appropriate person as provided by Section 1301.051 and subject to Section 1301.054(a), if applicable, the court with jurisdiction over the proceedings may enter an order that creates a trust for the management of the fund…

Sec. 1301.054. CREATION OF TRUST FOR INCAPACITATED PERSON WITHOUT GUARDIAN. (a) On application by an appropriate person as provided by Section 1301.051 and regardless of whether an application for guardianship has been filed on the alleged incapacitated person's behalf, a proper …

Sec. 1301.055. AUTHORITY OF COURT TO APPOINT GUARDIAN INSTEAD OF CREATING TRUST. If, after a hearing under Section 1301.054, the court finds that the person for whom the application was filed is an incapacitated person but that it is not in the incapacitated person's best interes…

Sec. 1301.056. CONTENTS OF ORDER CREATING TRUST. An order creating a management trust must: (1) direct any person or entity holding property that belongs to the person for whom the trust is created or to which that person is entitled to deliver all or part of that property to a p…

Sec. 1301.057. APPOINTMENT OF TRUSTEE. (a) In this section, "financial institution" means a financial institution, as defined by Section 201.101, Finance Code, that has trust powers and exists and does business under the laws of this state, another state, or the United States. (b…

Sec. 1301.058. BOND REQUIREMENTS FOR TRUSTEES. (a) The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1): (1) a trustee of a management trust that is a corporate fiduciary; and (2) any other trustee of a managem…

Sec. 1301.101. REQUIRED TERMS. (a) Except as provided by Subsection (c), a management trust created for a ward or incapacitated person must provide that: (1) the ward or incapacitated person is the sole beneficiary of the trust; (2) the trustee may disburse an amount of the trust…

Sec. 1301.102. OPTIONAL TERMS. (a) A management trust created for a ward or incapacitated person may provide that the trustee make a distribution, payment, use, or application of trust funds for the health, education, maintenance, or support of the person for whom the trust is cr…

Sec. 1301.103. ENFORCEABILITY OF CERTAIN TERMS. A provision in a management trust created for a ward or incapacitated person that relieves a trustee from a duty or liability imposed by this chapter or Subtitle B, Title 9, Property Code, is enforceable only if: (1) the provision i…

Sec. 1301.151. JURISDICTION OVER TRUST MATTERS. A court that creates a management trust has the same jurisdiction to hear matters relating to the trust as the court has with respect to guardianship and other matters covered by this title. Added by Acts 2011, 82nd Leg., R.S., Ch. …

Sec. 1301.152. COURT'S AUTHORITY TO DISCHARGE GUARDIAN OF ESTATE. On or at any time after the creation of a management trust, the court may discharge the guardian of the ward's estate if the court determines that the discharge is in the ward's best interests. Added by Acts 2011, …

Sec. 1301.153. INVESTMENT IN TEXAS TOMORROW FUND. The trustee of a management trust may invest trust funds in the Texas tomorrow fund established by Subchapter F, Chapter 54, Education Code, if the trustee determines that investment is in the best interest of the ward or incapaci…

Sec. 1301.1535. INITIAL ACCOUNTING BY CERTAIN TRUSTEES REQUIRED. (a) This section applies only to a trustee of a management trust created for a person who on the date the trust is created is: (1) a ward under an existing guardianship; or (2) a proposed ward with respect to whom a…

Sec. 1301.154. ANNUAL ACCOUNTING. (a) The trustee of a management trust created for a ward shall prepare and file with the court an annual accounting of transactions in the trust in the same manner and form that is required of a guardian of the estate under this title. (b) The tr…

Sec. 1301.155. APPOINTMENT OF SUCCESSOR TRUSTEE. The court may appoint a successor trustee if the trustee of a management trust resigns, becomes ineligible, or is removed. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.

Sec. 1301.156. LIABILITY OF CERTAIN PERSONS FOR CONDUCT OF TRUSTEE. The guardian of the person or of the estate of a ward for whom a management trust is created or the surety on the guardian's bond is not liable for an act or omission of the trustee of the trust. Added by Acts 20…

Sec. 1301.201. MODIFICATION OR REVOCATION OF TRUST. (a) The court may modify or revoke a management trust at any time before the date of the trust's termination. (b) The following may not revoke a management trust: (1) the ward for whom the trust is created or the guardian of the…

Sec. 1301.202. TRANSFER TO POOLED TRUST SUBACCOUNT. (a) If the court determines that it is in the best interests of the person for whom a management trust is created, the court may order the transfer of all property in the management trust to a pooled trust subaccount established…

Sec. 1301.203. TERMINATION OF TRUST. (a) Except as provided by Subsection (a-1), if the person for whom a management trust is created is a minor, the trust terminates on: (1) the earlier of: (A) the person's death; or (B) the person's 18th birthday; or (2) the date provided by co…

Sec. 1301.204. DISTRIBUTION OF TRUST PROPERTY. (a) Unless otherwise provided by the court and except as provided by Subsection (b), the trustee of a management trust shall: (1) prepare a final account in the same form and manner that is required of a guardian under Sections 1204.…