Texas 2009 - 81st Regular

Texas House Bill HB3767 Compare Versions

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Old	New	Differences
1	1	H.B. No. 3767
2	2
3	3
4	4	AN ACT
5	5	relating to homestead property transferred to a trustee of certain
6	6	trusts.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Subchapter A, Chapter 41, Property Code, is
9	9	amended by adding Section 41.0021 to read as follows:
10	10	Sec. 41.0021. HOMESTEAD IN QUALIFYING TRUST. (a) In this
11	11	section, "qualifying trust" means an express trust:
12	12	(1) in which the instrument or court order creating
13	13	the express trust provides that a settlor or beneficiary of the
14	14	trust has the right to:
15	15	(A) revoke the trust without the consent of
16	16	another person;
17	17	(B) exercise an inter vivos general power of
18	18	appointment over the property that qualifies for the homestead
19	19	exemption; or
20	20	(C) use and occupy the residential property as
21	21	the settlor's or beneficiary's principal residence at no cost to the
22	22	settlor or beneficiary, other than payment of taxes and other costs
23	23	and expenses specified in the instrument or court order:
24	24	(i) for the life of the settlor or
25	25	beneficiary;
26	26	(ii) for the shorter of the life of the
27	27	settlor or beneficiary or a term of years specified in the
28	28	instrument or court order; or
29	29	(iii) until the date the trust is revoked or
30	30	terminated by an instrument or court order recorded in the real
31	31	property records of the county in which the property is located and
32	32	that describes the property with sufficient certainty to identify
33	33	the property; and
34	34	(2) the trustee of which acquires the property in an
35	35	instrument of title or under a court order that:
36	36	(A) describes the property with sufficient
37	37	certainty to identify the property and the interest acquired; and
38	38	(B) is recorded in the real property records of
39	39	the county in which the property is located.
40	40	(b) Property that a settlor or beneficiary occupies and uses
41	41	in a manner described by this subchapter and in which the settlor or
42	42	beneficiary owns a beneficial interest through a qualifying trust
43	43	is considered the homestead of the settlor or beneficiary under
44	44	Section 50, Article XVI, Texas Constitution, and Section 41.001.
45	45	(c) A married person who transfers property to the trustee
46	46	of a qualifying trust must comply with the requirements relating to
47	47	the joinder of the person's spouse as provided by Chapter 5, Family
48	48	Code.
49	49	(d) A trustee may sell, convey, or encumber property
50	50	transferred as described by Subsection (c) without the joinder of
51	51	either spouse unless expressly prohibited by the instrument or
52	52	court order creating the trust.
53	53	(e) This section does not affect the rights of a surviving
54	54	spouse or surviving children under Section 52, Article XVI, Texas
55	55	Constitution, or Part 3, Chapter VIII, Texas Probate Code.
56	56	SECTION 2. This Act applies only to a transfer that is
57	57	effective on or after the effective date of this Act. A transfer
58	58	that is effective before the effective date of this Act is governed
59	59	by the law as it existed immediately before the effective date of
60	60	this Act, and that law is continued in effect for that purpose.
61	61	SECTION 3. This Act takes effect September 1, 2009.
62	62	______________________________ ______________________________
63	63	President of the Senate Speaker of the House
64	64	I certify that H.B. No. 3767 was passed by the House on May 5,
65	65	2009, by the following vote: Yeas 144, Nays 0, 1 present, not
66	66	voting.
67	67	______________________________
68	68	Chief Clerk of the House
69	69	I certify that H.B. No. 3767 was passed by the Senate on May
70	70	27, 2009, by the following vote: Yeas 31, Nays 0.
71	71	______________________________
72	72	Secretary of the Senate
73	73	APPROVED: _____________________
74	74	Date
75	75	_____________________
76	76	Governor