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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) If the account is a trust account and there is a written agreement signed by the trustee or trustees, on death of the trustee or the survivor of two or more trustees, any sums remaining on deposit belong to:
(1) the person or persons named as beneficiaries, if surviving; or
(2) the survivor of the persons named as beneficiaries if one or more beneficiaries die before the trustee.
(b) If two or more beneficiaries survive, no right of survivorship exists between the surviving beneficiaries unless the terms of the account or deposit agreement expressly provide for survivorship between those beneficiaries.
Cite this article: FindLaw.com - Texas Estates Code - EST § 113.153. Ownership of Trust Account on Death of Trustee - last updated January 01, 2024 | https://codes.findlaw.com/tx/estates-code/est-sect-113-153/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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