Tex.
Est. Code Section 113.151
Establishment of Right of Survivorship in Joint Account; Ownership on Death of Party
(a)
Sums remaining on deposit on the death of a party to a joint account belong to the surviving party or parties against the estate of the deceased party if the interest of the deceased party is made to survive to the surviving party or parties by a written agreement signed by the party who dies.(b)
Notwithstanding any other law, an agreement is sufficient under this section to confer an absolute right of survivorship on parties to a joint account if the agreement contains a statement substantially similar to the following: “On the death of one party to a joint account, all sums in the account on the date of the death vest in and belong to the surviving party as his or her separate property and estate.”(c)
A survivorship agreement may not be inferred from the mere fact that the account is a joint account or that the account is designated as JT TEN, Joint Tenancy, or joint, or with other similar language.(d)
If there are two or more surviving parties to a joint account that is subject to a right of survivorship agreement:(1)
during the parties’ lifetimes respective ownerships are in proportion to the parties’ previous ownership interests under Sections 113.102 (Ownership of Joint Account During Parties’ Lifetimes), 113.103, and 113.104 (Ownership of Trust Account During Trustee’s Lifetime), as applicable, augmented by an equal share for each survivor of any interest a deceased party owned in the account immediately before that party’s death; and(2)
the right of survivorship continues between the surviving parties if a written agreement signed by a party who dies provides for that continuation.(1)
the P.O.D. payee or payees if surviving; or(2)
the survivor of the P.O.D. payees if one or more P.O.D. payees die before the original payee.(b)
If two or more P.O.D. payees survive, no right of survivorship exists between the surviving P.O.D. payees unless the terms of the account or deposit agreement expressly provide for survivorship between those payees.(c)
A guardian of the estate or an attorney in fact or agent of an original payee may sign a written agreement described by Subsection (a) on behalf of the original payee.
Source:
Section 113.151 — Establishment of Right of Survivorship in Joint Account; Ownership on Death of Party, https://statutes.capitol.texas.gov/Docs/ES/htm/ES.113.htm#113.151 (accessed Apr. 20, 2024).
