Texas § PR.121.052 - PAYMENT OF DEATH BENEFIT TO TRUSTEE

§ PR.121.052. PAYMENT OF DEATH BENEFIT TO TRUSTEE

PAYMENT OF DEATH BENEFIT TO TRUSTEE. (a) A death benefit is payable to a trustee of a trust evidenced by a written instrument or declaration existing on the date of an employee's or participant's death, or to a trustee named or to be named as trustee of a trust created under an employee's or participant's will, if the trustee is designated as beneficiary under the plan containing the employees' trust or under the retirement account. (b) A trustee of a testamentary trust may be designated under Subsection (a) prior to the execution of the will. (c) A death benefit under a will is not payable until the will is probated. (d) The trustee shall hold, administer, and dispose of a death benefit payable under this section in accordance with the terms of the trust on the date of the employee's death. (e) A death benefit is payable to a trustee of a trust created by the will of a person other than the employee if: (1) the will has been probated at the time of the employee's death; and (2) the death benefit is payable to the trustee to be held, administered, and disposed of in accordance with the terms of the testamentary trust. Acts 1983, 68th Leg., p. 3693, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1987, 70th Leg., ch. 741, Sec. 4, eff. Aug. 31, 1987.