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Texas Probate Code - Section 860. Guardian's Investments In Real Estate

Legal Research Home > Texas Laws > Probate Code > Texas Probate Code - Section 860. Guardian's Investments In Real Estate

§ 860. GUARDIAN'S INVESTMENTS IN REAL ESTATE.  (a) The 
guardian of the estate may invest estate assets in real estate if:
	(1)  the guardian believes that the investment is in the best 
interests of the ward;
	(2)  there are on hand sufficient additional assets to 
provide a return sufficient to provide for:
	(A)  the education, support, and maintenance of the ward and 
others the ward supports, if applicable;  and
	(B)  the maintenance, insurance, and taxes on the real estate 
in which the guardian wishes to invest;
	(3)  the guardian files a written application with the court 
requesting a court order authorizing the guardian to make the 
desired investment and stating the reasons why the guardian is of 
the opinion that the investment would be for the benefit of the 
ward;  and
	(4)  the court renders an order authorizing the investment as 
provided by this section.
	(b)  When an application is filed by the guardian under this 
section, the judge's attention shall be called to the application, 
and the judge shall make investigation as necessary to obtain all 
the facts concerning the investment.  The judge may not render an 
opinion or make an order on the application until 10 days from the 
date of the filing of the application have expired.  On the hearing 
of the application, if the court is satisfied that the investment 
benefits the ward, the court shall issue an order that authorizes 
the guardian to make the investment.  The order shall specify the 
investment to be made and contain other directions the court thinks 
are advisable.
	(c)  When a contract is made for the investment of money in 
real estate under court order, the guardian shall report the 
contract in writing to the courts.  The court shall inquire fully 
into the contract.  If satisfied that the investment will benefit 
the estate of the ward and that the title of the real estate is valid 
and unencumbered, the court may approve the contract and authorize 
the guardian to pay over the money in performance of the contract.  
The guardian may not pay any money on the contract until the 
contract is approved by court order to that effect.
	(d)  When the money of the ward has been invested in real 
estate, the title to the real estate shall be made to the ward.  The 
guardian shall inventory, appraise, manage, and account for the 
real estate as other real estate of the ward.

Added by Acts 1993, 73rd Leg., ch. 957, § 1, eff. Sept. 1, 1993.           

Subsec. (a) amended by Acts 2003, 78th Leg., ch. 549, § 28, eff. 
Sept. 1, 2003.

Last modified: August 11, 2007