Relating to self-settled asset protection trusts.

HB 4058 creates new rules for self-settled asset protection trusts in Texas property law. It allows trusts where the creator (settlor) is also a beneficiary to shield assets from creditors, provided the trust meets specific requirements. Key provisions require the trust to be irrevocable, not mandate distributions to the settlor, avoid defrauding creditors, and have at least one Texas-based trustee (resident, trust company, or financial institution with a Texas office). This directly affects Texas residents establishing such trusts, as it clarifies when creditors can access trust assets. The bill does not change existing state law but adds new protections under defined conditions.