By: RodrÃguez S.B. No. 1202
(In the Senate - Filed March 10, 2015; March 17, 2015, read
first time and referred to Committee on State Affairs;
April 21, 2015, reported favorably by the following vote: Yeas 9,
Nays 0; April 21, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the value of property that may be transferred to a
custodian or other person for the benefit of a minor under certain
circumstances.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 141.007(c), Property Code, is amended to
read as follows:
(c) A transfer under Subsection (a) or (b) may be made only
if:
(1) the legal representative or trustee considers the
transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent
with provisions of the applicable will, trust agreement, or other
governing instrument; and
(3) the transfer is authorized by the court if it
exceeds $25,000 [$10,000] in value.
SECTION 2. Section 141.008(c), Property Code, is amended to
read as follows:
(c) If a custodian has not been nominated under Section
141.004, or all persons nominated as custodian die before the
transfer or are unable, decline, or are ineligible to serve, a
transfer under this section may be made to an adult member of the
minor's family or to a trust company unless the property exceeds
$25,000 [$15,000] in value.
SECTION 3. The changes in law made by this Act apply only to
a transfer made on or after the effective date of this Act. A
transfer made before the effective date of this Act is governed by
the law as it existed immediately before the effective date of this
Act, and the prior law is continued in effect for that purpose.
SECTION 4. This Act takes effect September 1, 2015.
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