SB 1218

relating to the contents of a trust accounting.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.  Section 113.151, Property Code, is amended by
adding Subsection (c) to read as follows:
(c)  Notwithstanding Section 113.152(b), on a showing of
good cause, the court may compel the trustee to include in a written
statement of account required by the court under Subsection (a) or
(b) an allocation of certain receipts and disbursements to
principal and income regardless of whether the distribution
standard and beneficiaries are the same for principal and income.
SECTION 2.  Section 113.152, Property Code, is amended to
Sec. 113.152.  CONTENTS OF ACCOUNTING.  (a)  A written
statement of accounts shall show:
(1)  all trust property that has come to the trustee's
knowledge or into the trustee's possession and that has not been
previously listed or inventoried as property of the trust;
(2)  a complete account of receipts, disbursements, and
other transactions regarding the trust property for the period
covered by the account, including their source and nature, with
each receipt and disbursement allocated to [receipts of] principal
or [and] income, subject to Subsection (b) [shown separately];
(3)  a listing of all property being administered, with
an adequate description of each asset;
(4)  the cash balance on hand and the name and location
of the depository where the balance is kept; and
(5)  all known liabilities owed by the trust.
(b)  A trustee is not required to allocate a receipt or
disbursement to principal or income under Subsection (a)(2) if the
distribution standard and beneficiaries are the same for both
SECTION 3.  The changes in law made by this Act apply only to
a demand for accounting made on or after the effective date of this
Act. A demand for accounting made before the effective date of this
Act is governed by the law in effect immediately before the
effective date of this Act, and the former law is continued in
SECTION 4.  This Act takes effect September 1, 2025.