Sec. 1161.006. RETENTION OF CERTAIN ASSETS. (a) Without court approval a guardian of the estate may retain until the first anniversary of the date of receipt any property received into the guardianship estate at the estate's inception or added to the estate by gift, devise, inheritance, mutation, or increase, without regard to diversification of investments and without liability for any depreciation or loss resulting from the retention.
(b) The guardian shall care for and manage the retained assets as a person of ordinary prudence, discretion, and intelligence would in caring for and managing the person's own affairs.
(c) On application and a hearing, the court may issue an order authorizing the guardian to continue retaining the property after the period prescribed by Subsection (a) if the retention is an element of the guardian's investment plan as provided by Subchapter B.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle E - Administration of Guardianship
Chapter 1161 - Investments and Loans of Estates of Wards
Subchapter A. General Provisions
Section 1161.001. Guardian's Duty to Keep Estate Invested
Section 1161.002. Standard for Management and Investment of Estate
Section 1161.003. Investments That Meet Standard for Investment
Section 1161.004. Restrictions on Investment in Certain Bonds
Section 1161.005. Modification or Elimination of Duty or Standard
Section 1161.006. Retention of Certain Assets
Section 1161.007. Hearing to Protect Estate
Section 1161.008. Liability of Guardian and Guardian's Surety