Texas HB5069 amends the Property Code to allow trustees to settle accounts under specific conditions.

Texas HB5069 amends the Property Code by adding Section 114.009, which allows a trustee to settle accounts when a trust terminates, a trustee resigns or is removed, or an interim accounting period ends. Trustees must provide qualified beneficiaries and successor trustees with detailed information about the trust's assets and any objections. Beneficiaries have 45 days to object; if none are raised, the trustee can distribute assets. The bill also outlines procedures for resolving objections and the consequences of not objecting within the specified timeframe.

Texas HB5069 amends the Property Code to allow trustees to settle accounts under specific conditions.

Texas HB5069 amends the Property Code by adding Section 114.009, which allows a trustee to settle accounts when a trust terminates, a trustee resigns or is removed, or an interim accounting period ends. Trustees must provide qualified beneficiaries and successor trustees with detailed information about the trust's assets and any objections. Beneficiaries have 45 days to object; if none are raised, the trustee can distribute assets. The bill also outlines procedures for resolving objections and the consequences of not objecting within the specified timeframe.