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Texas Statutes (Last Updated: January 4, 2014) |
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ESTATES CODE |
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Title 3. GUARDIANSHIP AND RELATED PROCEDURES |
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Subtitle E. ADMINISTRATION OF GUARDIANSHIP |
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Chapter 1161. INVESTMENTS AND LOANS OF ESTATES OF WARDS |
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Subchapter B. PROCEDURE FOR MAKING INVESTMENTS OR LOANS OR RETAINING ESTATE ASSETS |
Sec. 1161.051. PROCEDURE IN GENERAL
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(a) Not later than the 180th day after the date the guardian of the estate qualifies as guardian or another date specified by the court, the guardian shall:
(1) invest estate assets according to Section 1161.003; or
(2) file a written application with the court for an order:
(A) authorizing the guardian to:
(i) develop and implement an investment plan for estate assets;
(ii) invest in or sell securities under an investment plan developed under Subparagraph (i);
(iii) declare that one or more estate assets must be retained, despite being underproductive with respect to income or overall return; or
(iv) loan estate funds, invest in real estate or make other investments, or purchase a life, term, or endowment insurance policy or an annuity contract; or
(B) modifying or eliminating the guardian's duty to invest the estate.
(b) The court may approve an investment plan under Subsection (a)(2) without a hearing.