TX HB5069

Adds Section 114.009 to the Texas Property Code establishing a formal process for trustees to settle accounts when a trust terminates, a trustee resigns or is removed, or during interim accounting periods

Requires trustees to provide qualified beneficiaries and successor trustees with specific documentation including fair market value statements, two-year accounting records showing receipts and disbursements, fee estimates, and contact information

Establishes a 45-day objection period after notice is sent; if no written objections are received, the trustee's accounts are deemed approved and the trustee is protected from future claims with the same preclusive effect as a court-approved final account

Allows objections to be resolved either through court proceedings or written agreement (including nonjudicial settlement agreements), with related expenses charged to the trust

Takes effect immediately upon receiving a two-thirds vote of both legislative houses, or September 1, 2025, if that threshold is not met