Texas HB4058 amends the Property Code to regulate self-settled asset protection trusts, including restrictions on actions against trustees and.

Texas HB4058 amends the Property Code to establish rules for self-settled asset protection trusts. It specifies that a person cannot bring an action against a trustee unless they prove the trustee acted in bad faith and caused damages. Similarly, actions against advisors require clear and convincing evidence of bad faith and damages. The bill also restricts alienation of trust assets and outlines conditions under which a beneficiary can have a legal estate in the trust corpus.

Texas HB4058 amends the Property Code to regulate self-settled asset protection trusts, including restrictions on actions against trustees and.

Texas HB4058 amends the Property Code to establish rules for self-settled asset protection trusts. It specifies that a person cannot bring an action against a trustee unless they prove the trustee acted in bad faith and caused damages. Similarly, actions against advisors require clear and convincing evidence of bad faith and damages. The bill also restricts alienation of trust assets and outlines conditions under which a beneficiary can have a legal estate in the trust corpus.