Texas Codes

Tex. Prop. Code § 116.002 (2026)

Definitions

✓ current as of May 2026

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Sec. 116.002. DEFINITIONS. In this chapter:

(1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.

(2) "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.

(3) "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.

(4) "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Subchapter D.

(5) "Income beneficiary" means a person to whom net income of a trust is or may be payable.

(6) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

(7) "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

(8) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.

(9) "Person" has the meaning assigned by Section 111.004.

(10) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.

(11) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.

(12) "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.

(13) "Trustee" has the meaning assigned by Section 111.004.

Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.

Amended by:

Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 12, eff. September 1, 2007.

Notes of Decisions

Cited in 7 cases (1 in the last 5 years), 2007–2021 · leading case: Eisen v. Capital One, Nat'l Ass'n, 232 S.W.3d 309 (Tex. App. 2007).

Sort: Relevance Newest Treatment

Eisen v. Capital One, Nat'l Ass'n, 232 S.W.3d 309 (Tex. App. 2007). · cites it 8× “See TEX. PROP. CODE ANN. § 116.002. First, nothing in section 116.”

In re Est. of Lee, 551 S.W.3d 802 (Tex. App. 2018). · cites it 4× “" Tex. Prop. Code Ann. § 111.004 (6). A "remainder beneficiary" is "a person entitled to the principal when an income interest ends.”

In Re Townley Bypass Unified Credit Trust, 252 S.W.3d 715 (Tex. App. 2008). · cites it 2× “” Tex. PROp.Code Ann. § 116.002(11) (Vernon Supp.”

Elizabeth Eisen v. Capital One, Nat'l Ass'n F/K/A Hibernia Nat'l Bank, Suanne Eisen Lubin & Dan Eisen (Tex. App. 2007). · cites it 4× “(2) See Tex. Prop. Code Ann. § 116.002 (2), (11) (Vernon Supp.”

in Re: Townley Bypass Unified Credit Trust (Tex. App. 2008). · cites it 2× “Tex. Prop. Code Ann. § 116.002 (2) (Vernon Supp.”

Woods v. McCarty (Ariz. Ct. App. 2020). “VI(B)(2)(a)(iii), (d), (e), (g), (h). Whether Michele is a remainder beneficiary is not dispositive.”

Wells Fargo, N.A. v. Lawrence C. Clower, Elizabeth Ann Clower, John Lawrence Clower, J.C. (A Minor Child), Jo Emily Thornton, James C. Brocchini, Julia A. Bernal, Mary C. Richter, Audrey L. Bernal, Gina C. Dejarnette, Samantha J. Richter, John C. Clower, Tina M. Clower, as Indep. of the Est. of John C. Clower, Elizabeth LaRue Ullman, Susan Marie Daniels, Jeffrey Clarkson Clower, Brenton Ullman, Julie Christine Clower, J.C. (A Minor Child), J.C. (A Minor Child), C.C. (A Minor Child) (Tex. App. 2021). “See Tex. Prop. Code Ann. § 116.002 (1), (8) (defining “net income” as “total receipts allocated to income during an accounting period,”) and defining “accounting period” as “a calendar year unless another 12-month period is selected by a fiduciary”.”

— Tex. Prop. Code § 116.002(11) — 2 cases

Eisen v. Capital One, Nat'l Ass'n, 232 S.W.3d 309 (Tex. App. 2007). “See TEX. PROP. CODE ANN. § 116.002. First, nothing in section 116.”

In Re Townley Bypass Unified Credit Trust, 252 S.W.3d 715 (Tex. App. 2008). “” Tex. PROp.Code Ann. § 116.002(11) (Vernon Supp.”

— Tex. Prop. Code § 116.002(2) — 3 cases

In re Est. of Lee, 551 S.W.3d 802 (Tex. App. 2018). “" Tex. Prop. Code Ann. § 111.004 (6). A "remainder beneficiary" is "a person entitled to the principal when an income interest ends.”

Eisen v. Capital One, Nat'l Ass'n, 232 S.W.3d 309 (Tex. App. 2007). “See TEX. PROP. CODE ANN. § 116.002. First, nothing in section 116.”

In Re Townley Bypass Unified Credit Trust, 252 S.W.3d 715 (Tex. App. 2008). “” Tex. PROp.Code Ann. § 116.002(11) (Vernon Supp.”

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