S.B. No. 1020

AN ACT

relating to the designation of the trustee of an express trust as a beneficiary of a trust account or a P.O.D. payee of a P.O.D. account.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 113.001, Estates Code, is amended by amending Subdivisions (2) and (5) and adding Subdivision (2-b) to read as follows:

(2) "Beneficiary" means a person or trustee of an express trust evidenced by a writing who is named in a trust account as a person for whom a party to the account is named as trustee.

(2-b) "Express trust" has the meaning assigned by Section 111.004, Property Code.

(5) "P.O.D. payee" means a person, trustee of an express trust evidenced by a writing, or charitable organization designated on a P.O.D. account as a person to whom the account is payable on request after the death of one or more persons.

SECTION 2. The changes in law made by this Act apply only to an account created on or after the effective date of this Act. An account created before the effective date of this Act is covered by the law in effect on the date the account was created, and the former law is continued in effect for that purpose.

SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2015.

______________________________ ______________________________

President of the Senate Speaker of the House

I hereby certify that S.B. No. 1020 passed the Senate on April 20, 2015, by the following vote: Yeas 30, Nays 0.

______________________________ Secretary of the Senate

I hereby certify that S.B. No. 1020 passed the House on May 19, 2015, by the following vote: Yeas 146, Nays 0, two present not voting.

______________________________ Chief Clerk of the House

Approved:

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Date

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Governor