TITLE: Relating to the value of property that may be transferred to a custodian or other person for the benefit of a minor under certain circumstances.

SUMMARY: Relating to the value of property that may be transferred to a custodian or other person for the benefit of a minor under certain circumstances.

FULL TEXT:
AN ACT relating to the value of property that may be transferred to a custodian or other person for the benefit of a minor under certain circumstances. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 141.007(c), Property Code, is amended to read as follows: (c) A transfer under Subsection (a) or (b) may be made only if: (1) the legal representative or trustee considers the transfer to be in the best interest of the minor; (2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and (3) the transfer is authorized by the court if it exceeds $25,000 [$10,000] in value. SECTION 2. Section 141.008(c), Property Code, is amended to read as follows: (c) If a custodian has not been nominated under Section 141.004, or all persons nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $25,000 [$15,000] in value. SECTION 3. The changes in law made by this Act apply only to a transfer made on or after the effective date of this Act. A transfer made before the effective date of this Act is governed by the law as it existed immediately before the effective date of this Act, and the prior law is continued in effect for that purpose. SECTION 4. This Act takes effect September 1, 2015.