| 1 | 1 | | 84R7616 MTB-F |
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| 2 | 2 | | By: Murr H.B. No. 1847 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the designation of the trustee of an express trust as a |
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| 8 | 8 | | beneficiary of a trust account or a P.O.D. payee of a P.O.D. |
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| 9 | 9 | | account. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 113.001, Estates Code, is amended by |
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| 12 | 12 | | amending Subdivisions (2) and (5) and adding Subdivision (2-b) to |
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| 13 | 13 | | read as follows: |
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| 14 | 14 | | (2) "Beneficiary" means a person or trustee of an |
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| 15 | 15 | | express trust evidenced by a writing who is named in a trust account |
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| 16 | 16 | | as a person for whom a party to the account is named as trustee. |
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| 17 | 17 | | (2-b) "Express trust" has the meaning assigned by |
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| 18 | 18 | | Section 111.004, Property Code. |
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| 19 | 19 | | (5) "P.O.D. payee" means a person, trustee of an |
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| 20 | 20 | | express trust evidenced by a writing, or charitable organization |
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| 21 | 21 | | designated on a P.O.D. account as a person to whom the account is |
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| 22 | 22 | | payable on request after the death of one or more persons. |
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| 23 | 23 | | SECTION 2. The changes in law made by this Act apply only to |
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| 24 | 24 | | an account created on or after the effective date of this Act. An |
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| 25 | 25 | | account created before the effective date of this Act is covered by |
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| 26 | 26 | | the law in effect on the date the account was created, and the |
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| 27 | 27 | | former law is continued in effect for that purpose. |
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| 28 | 28 | | SECTION 3. This Act takes effect immediately if it receives |
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| 29 | 29 | | a vote of two-thirds of all the members elected to each house, as |
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| 30 | 30 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 31 | 31 | | Act does not receive the vote necessary for immediate effect, this |
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| 32 | 32 | | Act takes effect September 1, 2015. |
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