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Texas Estates Code - EST § 1301.204. Distribution of Trust Property

Current as of January 01, 2024 | Updated by Findlaw Staff

(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 1204.101 and 1204.102;  and

(2) on court approval, distribute the principal or any undistributed income of the trust to:

(A) the ward or incapacitated person when the trust terminates on the trust's own terms;

(B) the successor trustee on appointment of a successor trustee;  or

(C) the representative of the deceased ward's or incapacitated person's estate on the ward's or incapacitated person's death.

(b) The court may not require a trustee of a trust created for a person who has only a physical disability to prepare and file with the court a final account as described by Subsection (a)(1).  The trustee shall distribute the principal and any undistributed income of the trust in the manner provided by Subsection (a)(2) for a trust the beneficiary of which is a ward or incapacitated person.

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Cite this article: FindLaw.com - Texas Estates Code - EST § 1301.204. Distribution of Trust Property - last updated January 01, 2024 | https://codes.findlaw.com/tx/estates-code/est-sect-1301-204/

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