Bill Text: TX SB1218 | 2025-2026 | 89th Legislature | Introduced

Texas Senate Bill 1218

Introduced

Bill Title: Relating to the contents of a trust accounting.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-02-28 - Referred to Business & Commerce [SB1218 Detail]

Download: Texas-2025-SB1218-Introduced.html

	89R6822 RAL-F

	By: Hughes	S.B. No. 1218



	A BILL TO BE ENTITLED
	AN ACT
	relating to the contents of a trust accounting.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 113.151, Property Code, is amended by
	adding Subsection (c) to read as follows:
	(c) Notwithstanding Section 113.152(b), on a showing of
	good cause, the court may compel the trustee to include in a written
	statement of account required by the court under Subsection (a) or
	(b) an allocation of certain receipts and disbursements to
	principal and income regardless of whether the distribution
	standard and beneficiaries are the same for principal and income.
	SECTION 2. Section 113.152, Property Code, is amended to
	read as follows:
	Sec. 113.152. CONTENTS OF ACCOUNTING. (a) A written
	statement of accounts shall show:
	(1) all trust property that has come to the trustee's
	knowledge or into the trustee's possession and that has not been
	previously listed or inventoried as property of the trust;
	(2) a complete account of receipts, disbursements, and
	other transactions regarding the trust property for the period
	covered by the account, including their source and nature, with
	each receipt and disbursement allocated to [~~receipts of~~] principal
	or [~~and~~] income, subject to Subsection (b) [~~shown separately~~];
	(3) a listing of all property being administered, with
	an adequate description of each asset;
	(4) the cash balance on hand and the name and location
	of the depository where the balance is kept; and
	(5) all known liabilities owed by the trust.
	(b) A trustee is not required to allocate a receipt or
	disbursement to principal or income under Subsection (a)(2) if the
	distribution standard and beneficiaries are the same for both
	principal and income.
	SECTION 3. The changes in law made by this Act apply only to
	a demand for accounting made on or after the effective date of this
	Act. A demand for accounting made before the effective date of this
	Act is governed by the law in effect immediately before the
	effective date of this Act, and the former law is continued in
	effect for that purpose.
	SECTION 4. This Act takes effect September 1, 2025.