Texas Trust Code

Texas · PR · §§ 111.001 to 116.206 · 165 sections

Overview

This act governs the creation, administration, and termination of private and charitable trusts. It sets out how a trust is formed — the methods of creation, the intent and capacity required of the settlor and trustee, the property that funds it, and the writing requirements it must satisfy — and it supplies default rules that apply unless the terms of the trust provide otherwise, alongside a smaller set of mandatory rules that override contrary terms. It also establishes mechanisms for changing a trust after it exists, including revocation or amendment by the settlor, judicial modification, reformation, or termination, division and combination of trusts, termination of trusts too small to justify administration, and distribution of trust property into a second trust, and it addresses recurring substantive questions such as spendthrift provisions, forfeiture clauses, perpetuities limits, and trusts for the care of an animal.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 372 court decisions.

Most-cited authority: 585 U.S. 296 - Carpenter v. United States

Sections covered

Tex. Prop. Code § 111.001SHORT TITLE3 cites
Tex. Prop. Code § 111.002CONSTRUCTION OF SUBTITLE5 cites
Tex. Prop. Code § 111.003TRUSTS SUBJECT TO THIS SUBTITLE10 cites
Tex. Prop. Code § 111.0035DEFAULT AND MANDATORY RULES; CONFLICT BETWEEN TERMS AND STATUTE3 cites
Tex. Prop. Code § 111.004DEFINITIONS44 cites
Tex. Prop. Code § 111.005REENACTMENT OF COMMON LAW1 cite
Tex. Prop. Code § 111.006APPLICATION5 cites
Tex. Prop. Code § 112.001METHODS OF CREATING TRUST23 cites
Tex. Prop. Code § 112.002INTENTION TO CREATE TRUST11 cites
Tex. Prop. Code § 112.003CONSIDERATION1 cite
Tex. Prop. Code § 112.004STATUTE OF FRAUDS11 cites
Tex. Prop. Code § 112.005TRUST PROPERTY1 cite
Tex. Prop. Code § 112.006ADDITIONS TO TRUST PROPERTY
Tex. Prop. Code § 112.007CAPACITY OF SETTLOR
Tex. Prop. Code § 112.008CAPACITY OF TRUSTEE
Tex. Prop. Code § 112.009ACCEPTANCE BY TRUSTEE3 cites
Tex. Prop. Code § 112.010PRESUMED ACCEPTANCE BY BENEFICIARY; DISCLAIMER5 cites
Tex. Prop. Code § 112.011POSTHUMOUS CLASS GIFTS MEMBERSHIP
Tex. Prop. Code § 112.031TRUST PURPOSES
Tex. Prop. Code § 112.032ACTIVE AND PASSIVE TRUSTS; STATUTE OF USES
Tex. Prop. Code § 112.033RESERVATION OF INTERESTS AND POWERS BY SETTLOR
Tex. Prop. Code § 112.0335CONSTRUCTION OF CERTAIN TRUSTS
Tex. Prop. Code § 112.034MERGER
Tex. Prop. Code § 112.035SPENDTHRIFT TRUSTS29 cites
Tex. Prop. Code § 112.036RULE AGAINST PERPETUITIES5 cites
Tex. Prop. Code § 112.037TRUST FOR CARE OF ANIMAL1 cite
Tex. Prop. Code § 112.038FORFEITURE CLAUSE2 cites
Tex. Prop. Code § 112.051REVOCATION, MODIFICATION, OR AMENDMENT BY SETTLOR12 cites
Tex. Prop. Code § 112.052TERMINATION10 cites
Tex. Prop. Code § 112.053DISPOSITION OF TRUST PROPERTY ON FAILURE OF TRUST2 cites
Tex. Prop. Code § 112.054JUDICIAL MODIFICATION, REFORMATION, OR TERMINATION OF TRUSTS16 cites
Tex. Prop. Code § 112.055AMENDMENT OF CHARITABLE TRUSTS BY OPERATION OF LAW
Tex. Prop. Code § 112.056PERMISSIVE AMENDMENT BY TRUSTEE OF CHARITABLE TRUST
Tex. Prop. Code § 112.057DIVISION AND COMBINATION OF TRUSTS1 cite
Tex. Prop. Code § 112.058CONVERSION OF COMMUNITY TRUST TO NONPROFIT CORPORATION
Tex. Prop. Code § 112.059TERMINATION OF UNECONOMIC TRUST
Tex. Prop. Code § 112.071DEFINITIONS1 cite
Tex. Prop. Code § 112.0715CREATION OF SECOND TRUST
Tex. Prop. Code § 112.072DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH FULL DISCRETION
Tex. Prop. Code § 112.073DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION
Tex. Prop. Code § 112.074NOTICE REQUIRED
Tex. Prop. Code § 112.075WRITTEN INSTRUMENT REQUIRED
Tex. Prop. Code § 112.076REFERENCE TO TRUST TERMS
Tex. Prop. Code § 112.077SETTLOR OF SECOND TRUST
Tex. Prop. Code § 112.078COURT-ORDERED DISTRIBUTION
Tex. Prop. Code § 112.079DIVIDED DISCRETION
Tex. Prop. Code § 112.080LATER DISCOVERED ASSETS
Tex. Prop. Code § 112.081OTHER AUTHORITY TO DISTRIBUTE IN FURTHER TRUST NOT LIMITED
Tex. Prop. Code § 112.082NEED FOR DISTRIBUTION NOT REQUIRED
Tex. Prop. Code § 112.083DUTIES NOT CREATED
Tex. Prop. Code § 112.084CERTAIN DISTRIBUTIONS PROHIBITED
Tex. Prop. Code § 112.085EXCEPTIONS TO POWER OF DISTRIBUTION
Tex. Prop. Code § 112.086TAX-RELATED LIMITATIONS
Tex. Prop. Code § 112.087COMPENSATION OF TRUSTEE
Tex. Prop. Code § 112.101DEFINITIONS
Tex. Prop. Code § 112.102REVOCATION OF CERTAIN NONTESTAMENTARY TRANSFERS; TREATMENT OF FORMER SPOUSE OR FORMER SPOUSE'S RELATIVE AS BENEFICIARY UNDER CERTAIN POLICIES OR PLANS
Tex. Prop. Code § 112.103EFFECT OF REVOCATION
Tex. Prop. Code § 112.104LIABILITY OF CERTAIN PURCHASERS OR RECIPIENTS OF CERTAIN PAYMENTS, BENEFITS, OR PROPERTY
Tex. Prop. Code § 112.105LIABILITY OF FORMER SPOUSE OR FORMER SPOUSE'S RELATIVE FOR CERTAIN PAYMENTS, BENEFITS, OR PROPERTY
Tex. Prop. Code § 112.106CERTAIN TRUSTS WITH DIVORCED INDIVIDUALS AS JOINT SETTLORS
Tex. Prop. Code § 112.121VALIDITY OF TRUST; APPLICABILITY
Tex. Prop. Code § 112.122ENFORCEMENT OF TRUST
Tex. Prop. Code § 112.123APPLICATION OR DISTRIBUTION OF TRUST PROPERTY
Tex. Prop. Code § 113.001LIMITATION OF POWERS3 cites
Tex. Prop. Code § 113.002GENERAL POWERS2 cites
Tex. Prop. Code § 113.003OPTIONS
Tex. Prop. Code § 113.004ADDITIONS TO TRUST ASSETS
Tex. Prop. Code § 113.005ACQUISITION OF UNDIVIDED INTERESTS
Tex. Prop. Code § 113.006GENERAL AUTHORITY TO MANAGE AND INVEST TRUST PROPERTY2 cites
Tex. Prop. Code § 113.007TEMPORARY DEPOSITS OF FUNDS
Tex. Prop. Code § 113.008BUSINESS ENTITIES
Tex. Prop. Code § 113.009REAL PROPERTY MANAGEMENT
Tex. Prop. Code § 113.010SALE OF PROPERTY
Tex. Prop. Code § 113.011LEASES
Tex. Prop. Code § 113.012MINERALS1 cite
Tex. Prop. Code § 113.013INSURANCE
Tex. Prop. Code § 113.014PAYMENT OF TAXES
Tex. Prop. Code § 113.015AUTHORITY TO BORROW1 cite
Tex. Prop. Code § 113.016MANAGEMENT OF SECURITIES
Tex. Prop. Code § 113.017CORPORATE STOCK OR OTHER SECURITIES HELD IN NAME OF NOMINEE
Tex. Prop. Code § 113.018EMPLOYMENT AND APPOINTMENT OF AGENTS4 cites
Tex. Prop. Code § 113.019CLAIMS6 cites
Tex. Prop. Code § 113.020BURDENSOME OR WORTHLESS PROPERTY
Tex. Prop. Code § 113.021DISTRIBUTION TO MINOR OR INCAPACITATED BENEFICIARY
Tex. Prop. Code § 113.0211ADJUSTMENT OF CHARITABLE TRUST
Tex. Prop. Code § 113.022POWER TO PROVIDE RESIDENCE AND PAY FUNERAL EXPENSES
Tex. Prop. Code § 113.023ANCILLARY TRUSTEE
Tex. Prop. Code § 113.024IMPLIED POWERS
Tex. Prop. Code § 113.025POWERS OF TRUSTEE REGARDING ENVIRONMENTAL LAWS
Tex. Prop. Code § 113.026AUTHORITY TO DESIGNATE NEW CHARITABLE BENEFICIARY
Tex. Prop. Code § 113.027DISTRIBUTIONS GENERALLY
Tex. Prop. Code § 113.028CERTAIN CLAIMS AND CAUSES OF ACTION PROHIBITED1 cite
Tex. Prop. Code § 113.029DISCRETIONARY POWERS; TAX SAVINGS1 cite
Tex. Prop. Code § 113.030RELOCATION OF ADMINISTRATION OF CHARITABLE TRUST
Tex. Prop. Code § 113.031DIGITAL ASSETS
Tex. Prop. Code § 113.051GENERAL DUTY8 cites
Tex. Prop. Code § 113.052LOAN OF TRUST FUNDS TO TRUSTEE3 cites
Tex. Prop. Code § 113.053PURCHASE OR SALE OF TRUST PROPERTY BY TRUSTEE6 cites
Tex. Prop. Code § 113.054SALES FROM ONE TRUST TO ANOTHER
Tex. Prop. Code § 113.055PURCHASE OF TRUSTEE'S SECURITIES
Tex. Prop. Code § 113.056AUTHORIZATION TO MAKE CERTAIN INVESTMENTS5 cites
Tex. Prop. Code § 113.057DEPOSITS BY CORPORATE TRUSTEE WITH ITSELF
Tex. Prop. Code § 113.058BOND
Tex. Prop. Code § 113.081RESIGNATION OF TRUSTEE1 cite
Tex. Prop. Code § 113.082REMOVAL OF TRUSTEE11 cites
Tex. Prop. Code § 113.083APPOINTMENT OF SUCCESSOR TRUSTEE4 cites
Tex. Prop. Code § 113.084POWERS OF SUCCESSOR TRUSTEE1 cite
Tex. Prop. Code § 113.085EXERCISE OF POWERS BY MULTIPLE TRUSTEES2 cites
Tex. Prop. Code § 113.151DEMAND FOR ACCOUNTING5 cites
Tex. Prop. Code § 113.152CONTENTS OF ACCOUNTING4 cites
Tex. Prop. Code § 113.171COMMON TRUST FUNDS1 cite
Tex. Prop. Code § 113.172AFFILIATED INSTITUTIONS
Tex. Prop. Code § 114.001LIABILITY OF TRUSTEE TO BENEFICIARY3 cites
Tex. Prop. Code § 114.002LIABILITY OF SUCCESSOR TRUSTEE FOR BREACH OF TRUST BY PREDECESSOR2 cites
Tex. Prop. Code § 114.003POWERS TO DIRECT: CHARITABLE TRUSTS1 cite
Tex. Prop. Code § 114.0031DIRECTED TRUSTS; ADVISORS
Tex. Prop. Code § 114.004ACTIONS TAKEN PRIOR TO KNOWLEDGE OR NOTICE OF FACTS
Tex. Prop. Code § 114.005RELEASE OF LIABILITY BY BENEFICIARY
Tex. Prop. Code § 114.006LIABILITY OF COTRUSTEES FOR ACTS OF OTHER COTRUSTEES
Tex. Prop. Code § 114.007EXCULPATION OF TRUSTEE1 cite
Tex. Prop. Code § 114.008REMEDIES FOR BREACH OF TRUST5 cites
Tex. Prop. Code § 114.031LIABILITY OF BENEFICIARY TO TRUSTEE1 cite
Tex. Prop. Code § 114.032LIABILITY FOR WRITTEN AGREEMENTS
Tex. Prop. Code § 114.061COMPENSATION3 cites
Tex. Prop. Code § 114.062EXONERATION OR REIMBURSEMENT FOR TORT
Tex. Prop. Code § 114.063GENERAL RIGHT TO REIMBURSEMENT
Tex. Prop. Code § 114.064COSTS17 cites
Tex. Prop. Code § 114.081PROTECTION OF PERSON DEALING WITH TRUSTEE2 cites
Tex. Prop. Code § 114.082CONVEYANCE BY TRUSTEE1 cite
Tex. Prop. Code § 114.0821LIABILITY OF TRUST PROPERTY
Tex. Prop. Code § 114.083RIGHTS AND LIABILITIES FOR COMMITTING TORTS
Tex. Prop. Code § 114.084CONTRACTS OF TRUSTEE4 cites
Tex. Prop. Code § 114.085PARTNERSHIPS
Tex. Prop. Code § 114.086CERTIFICATION OF TRUST
Tex. Prop. Code § 114.087INSTRUMENT NAMING TRUST AS PARTY
Tex. Prop. Code § 115.001JURISDICTION31 cites
Tex. Prop. Code § 115.002VENUE7 cites
Tex. Prop. Code § 115.011PARTIES7 cites
Tex. Prop. Code § 115.012RULES OF PROCEDURE
Tex. Prop. Code § 115.013PLEADINGS AND JUDGMENTS
Tex. Prop. Code § 115.014GUARDIAN OR ATTORNEY AD LITEM2 cites
Tex. Prop. Code § 115.015NOTICE TO BENEFICIARIES OF TORT OR CONTRACT PROCEEDING2 cites
Tex. Prop. Code § 115.016NOTICE1 cite
Tex. Prop. Code § 115.017WAIVER OF NOTICE
Tex. Prop. Code § 116.151CHARACTER OF RECEIPTS
Tex. Prop. Code § 116.152DISTRIBUTION FROM TRUST OR ESTATE1 cite
Tex. Prop. Code § 116.153BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE
Tex. Prop. Code § 116.161PRINCIPAL RECEIPTS1 cite
Tex. Prop. Code § 116.162RENTAL PROPERTY
Tex. Prop. Code § 116.163OBLIGATION TO PAY MONEY
Tex. Prop. Code § 116.164INSURANCE POLICIES AND SIMILAR CONTRACTS1 cite
Tex. Prop. Code § 116.171INSUBSTANTIAL ALLOCATIONS NOT REQUIRED
Tex. Prop. Code § 116.172DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS1 cite
Tex. Prop. Code § 116.173LIQUIDATING ASSET
Tex. Prop. Code § 116.174MINERALS, WATER, AND OTHER NATURAL RESOURCES
Tex. Prop. Code § 116.175TIMBER
Tex. Prop. Code § 116.176PROPERTY NOT PRODUCTIVE OF INCOME
Tex. Prop. Code § 116.177DERIVATIVES AND OPTIONS
Tex. Prop. Code § 116.178ASSET-BACKED SECURITIES
Tex. Prop. Code § 116.201DISBURSEMENTS FROM INCOME
Tex. Prop. Code § 116.202DISBURSEMENTS FROM PRINCIPAL1 cite
Tex. Prop. Code § 116.203TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION
Tex. Prop. Code § 116.204TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL
Tex. Prop. Code § 116.205INCOME TAXES
Tex. Prop. Code § 116.206ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES

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