Section 240.056 - Disclaimer of Power Held in Fiduciary Capacity(a) If a person designated to serve or serving as a fiduciary disclaims a power held or to be held in a fiduciary capacity that has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.(b) If a person designated to serve or serving as a fiduciary disclaims a power held or to be held in a fiduciary capacity that has been exercised, the disclaimer takes effect immediately after the last exercise of the power.(c) A disclaimer subject to this section is effective as to another person designated to serve or serving as a fiduciary if:(1) the disclaimer provides that it is effective as to another person designated to serve or serving as a fiduciary; and(2) the person disclaiming has the authority to bind the estate, trust, or other person for whom the person is acting.Tex. Prop. Code § 240.056
Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 562,Sec. 15, eff. 9/1/2015.