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A BILL TO BE ENTITLED
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AN ACT
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relating to the value of property that may be transferred to a |
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custodian or other person for the benefit of a minor under certain |
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circumstances. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 141.007(c), Property Code, is amended to |
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read as follows: |
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(c) A transfer under Subsection (a) or (b) may be made only |
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if: |
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(1) the legal representative or trustee considers the |
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transfer to be in the best interest of the minor; |
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(2) the transfer is not prohibited by or inconsistent |
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with provisions of the applicable will, trust agreement, or other |
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governing instrument; and |
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(3) the transfer is authorized by the court if it |
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exceeds $25,000 [$10,000] in value. |
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SECTION 2. Section 141.008(c), Property Code, is amended to |
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read as follows: |
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(c) If a custodian has not been nominated under Section |
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141.004, or all persons nominated as custodian die before the |
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transfer or are unable, decline, or are ineligible to serve, a |
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transfer under this section may be made to an adult member of the |
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minor's family or to a trust company unless the property exceeds |
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$25,000 [$15,000] in value. |
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SECTION 3. The changes in law made by this Act apply only to |
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a transfer made on or after the effective date of this Act. A |
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transfer made before the effective date of this Act is governed by |
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the law as it existed immediately before the effective date of this |
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Act, and the prior law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2015. |