Texas Trust Code Trustee Powers With The Same Base
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
(a) On the death, resignation, incapacity, or removal of a sole or surviving trustee, a successor trustee shall be selected ing to the method, if any, prescribed in the trust instrument.
112.036. RULE AGAINST PERPETUITIES. (a) The rule against perpetuities applies to an interest in a trust other than a charitable trust. (b) For purposes of this section, the effective date is the date the governing instrument creating an interest in the trust becomes irrevocable with respect to that interest.
The court may require the trustee to deliver a written statement of account to all beneficiaries on finding that the nature of the beneficiary's interest in the trust or the effect of the administration of the trust on the beneficiary's interest is sufficient to require an accounting by the trustee.
Texas Trust Code §112.004(2) defines ?beneficiary? to be a person for whose benefit property is held in trust regardless of the nature of the interest. This definition would include both income beneficiaries and remaindermen.
Texas Trust Code Section 112.054(b-1) states:On the petition of a trustee or a beneficiary, a court may order that the terms of the trust be reformed if: (1) reformation of administrative, nondispositive terms of the trust is necessary or appropriate to prevent waste or impairment of the trust's administration; (2) ...