(a) A death benefit is payable to a trustee of a trust evidenced by a written instrument or declaration existing on the date of an employee's or participant's death, or to a trustee named or to be named as trustee of a trust created under an employee's or participant's will, if the trustee is designated as beneficiary under the plan containing the employees' trust or under the retirement account.
(b) A trustee of a testamentary trust may be designated under Subsection (a) prior to the execution of the will.
(c) A death benefit under a will is not payable until the will is probated.
(d) The trustee shall hold, administer, and dispose of a death benefit payable under this section in accordance with the terms of the trust on the date of the employee's death.
(e) A death benefit is payable to a trustee of a trust created by the will of a person other than the employee if:
(1) the will has been probated at the time of the employee's death; and
(2) the death benefit is payable to the trustee to be held, administered, and disposed of in accordance with the terms of the testamentary trust.