POWER TO DISCLAIM POWER HELD IN FIDUCIARY CAPACITY BY PERSON DESIGNATED TO SERVE AS OR SERVING AS FIDUCIARY.
Tex. PROP Code § 240.007.
in effect(a) Subject to Subsection (b) and except to the extent the person's right to disclaim is expressly restricted or limited by a law of this state or by the instrument creating the fiduciary relationship, a person designated to serve or serving as a fiduciary may disclaim, in whole or in part, any power over property, including a power of appointment and the power to disclaim, held in a fiduciary capacity.
(b) If a power being disclaimed under Subsection (a) by a person designated to serve or serving as a trustee affects the distributive rights of any beneficiary of the trust:
(1) the person may disclaim only on or after accepting the trust;
(2) the disclaimer must be compatible with the trustee's fiduciary obligations; and
(3) if the disclaimer is made on accepting the trust, the trustee is considered to have never possessed the power disclaimed.
(c) A person designated to serve or serving as a fiduciary may disclaim a power under this section even if the creator of the power imposed a spendthrift provision or similar restriction on transfer.
Added by Acts 2015, 84th Leg., R.S., Ch. 562 (H.B. 2428 ), Sec. 15, eff. September 1, 2015.