Tex. Fin. Code Section 125.308
Effect of Death of Trustee on Account

(a)

The death of a trustee does not affect the ownership or disposition of a trust account unless:

(1)

the trust agreement provides otherwise; or

(2)

there is not a surviving trustee, and:

(A)

the account is a trust account subject to Subchapter B, Chapter 111 (Nonprobate Assets in General), and Chapters 112 (Community Property with Right of Survivorship) and 113 (Multiple-party Accounts), Estates Code; or

(B)

written evidence of the terms of the trust does not exist.

(b)

On the death of a trustee for a trust account for which the death of a trustee affects the ownership disposition of the account, the credit union shall pay out money in the trust account:

(1)

in accordance with the trust agreement; or

(2)

in the absence of written evidence of the terms of the trust, to a beneficiary or any other person authorized by law to request or receive payment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.014, eff. September 1, 2015.

Source: Section 125.308 — Effect of Death of Trustee on Account, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­125.­htm#125.­308 (accessed May 25, 2024).

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Accessed:
May 25, 2024

§ 125.308’s source at texas​.gov