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HB 2271 would update the estates code and property code to update procedures and clarify rights for people with an interest in an estate.
The bill would define a the terms "next of kin" and "nearest of kin".
The bill would make procedural changes to survivorship agreements including updating the criteria for estate entitlements without a personal representative appointment, the procedures regarding wills and their proof, and the procedures regarding estate accounts.
Procedures would be established for certain trusts with divorced individuals as joint settlors including providing for the distribution of assets, a private cause of action against certain financial institutions holding the escrow accounts of a deceased attorney, and posthumous gifts.
This bill would repeal sections of code which prohibit the closing of an estate until all state inheritance taxes, interests, and properties passing through the representative's possession have been paid.