Tex.
Est. Code Section 111.054
Application of State Law to Certain Nontestamentary Transfers
(a)
This section applies if more than 50 percent of the:(1)
assets in an account at a financial institution, in a retirement account, or in another similar arrangement are owned, immediately before a possible nontestamentary transfer of the assets, by one or more persons domiciled in this state; or(2)
interests under an insurance contract, annuity contract, beneficiary designation, or other similar arrangement are owned, immediately before a possible nontestamentary transfer of the interests, by one or more persons domiciled in this state.(b)
Notwithstanding a choice of law or other contractual provision in an agreement prepared or provided by a contracting third party, Texas law applies to determine:(1)
whether a nontestamentary transfer of assets or interests described by Subsection (a) has occurred; and(2)
the ownership of the assets or interests following a possible nontestamentary transfer.(c)
Notwithstanding a choice of law or other contractual provision in an agreement prepared or provided by a contracting third party, any person, including a personal representative, who is asserting an ownership interest in assets or interests described by Subsection (a) subject to a possible nontestamentary transfer shall have access to the courts of this state for a judicial determination of:(1)
whether a nontestamentary transfer of the assets or interests has occurred; or(2)
the ownership of the assets or interests following a possible nontestamentary transfer.(d)
Subsections (a), (b), and (c) do not apply to an obligation:(1)
owed by a party to the contracting third party; or(2)
owed by the contracting third party to a party.(e)
This section applies to a community property survivorship agreement governed by Chapter 112 (Community Property with Right of Survivorship) and a multiple-party account governed by Chapter 113 (Multiple-party Accounts).
Source:
Section 111.054 — Application of State Law to Certain Nontestamentary Transfers, https://statutes.capitol.texas.gov/Docs/ES/htm/ES.111.htm#111.054 (accessed Jun. 5, 2024).
