LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 1, 2021 TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB653 by Lucio III (Relating to a trust beneficiary's approval of a trustee's accounting.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Property Code to create a presumption that a beneficiary of a trust that is not under judicial control approves of the trustee's accounting of the trust if the beneficiary does not object to it before the 180th day after it is delivered to the beneficiary's last known mailing address. In the absence of fraud, intentional misrepresentation or material omission, the trustee would be released from liability relating to all matters in an accounting that is presumptively approved by the beneficiary, Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated as a result from implementing the provisions of the bill. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 212 Office of Court Admin LBB Staff: b > td > JMc, SLE, BH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 1, 2021
TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB653 by Lucio III (Relating to a trust beneficiary's approval of a trustee's accounting.), As Introduced
TO: Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB653 by Lucio III (Relating to a trust beneficiary's approval of a trustee's accounting.), As Introduced
Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB653 by Lucio III (Relating to a trust beneficiary's approval of a trustee's accounting.), As Introduced
HB653 by Lucio III (Relating to a trust beneficiary's approval of a trustee's accounting.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Property Code to create a presumption that a beneficiary of a trust that is not under judicial control approves of the trustee's accounting of the trust if the beneficiary does not object to it before the 180th day after it is delivered to the beneficiary's last known mailing address. In the absence of fraud, intentional misrepresentation or material omission, the trustee would be released from liability relating to all matters in an accounting that is presumptively approved by the beneficiary, Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated as a result from implementing the provisions of the bill.
The bill would amend the Property Code to create a presumption that a beneficiary of a trust that is not under judicial control approves of the trustee's accounting of the trust if the beneficiary does not object to it before the 180th day after it is delivered to the beneficiary's last known mailing address. In the absence of fraud, intentional misrepresentation or material omission, the trustee would be released from liability relating to all matters in an accounting that is presumptively approved by the beneficiary,
Based on information provided by the Office of Court Administration, no significant fiscal impact to the state court system is anticipated as a result from implementing the provisions of the bill.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 212 Office of Court Admin
212 Office of Court Admin
LBB Staff: b > td > JMc, SLE, BH
JMc, SLE, BH