Title LVI, Probate Courts and Decedents' Estates

This chapter applies to foundations and foreign foundations.

In this chapter: (1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (2) "…

(a) This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust, including, but not limited to, a special needs trust authorized by …

The general court has power to amend or repeal all or part of this chapter at any time, and all persons subject to this chapter are governed by the amendment or repeal.

In this chapter: (1) "Action," with respect to an act of a trustee, includes a failure to act. (2) "Beneficiary" means a person that: (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power o…

(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of articles 2 and 3, a fiduciary: (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a diff…

(a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to t…

(a) Subject to subsection (b), a person has knowledge of a fact if the person: (1) has actual knowledge of it; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know it. (b) An o…

(a) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) the requir…

(a) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary's discretion. A fiduciary's decision is not an abuse of discretion mere…

(a) Unless expressly prohibited by the terms of the trust, a trustee may convert a trust into a unitrust as described in this section if all of the following apply: (1) The trustee determines that the conversion will enable the trustee to better carry out the intent of the settlo…

The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.

(a) The following provisions shall apply to a trust that, by its governing instrument, or by conversion pursuant to RSA 564-C:1-106, requires or permits the distribution, at least annually, of a unitrust amount equal to a fixed percentage of not less than 3 nor more than 5 percen…

(a) The meaning and effect of the terms of a trust are determined by: (1) the law of the jurisdiction designated in the terms of the trust unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relat…

(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) a trustee's principal place of business is located in or a trustee is…

(a) Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sendi…

(a) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter if the charitable organization, on the date the charitable organization's qualification is being determin…

(a) For purposes of this section, "interested person" means each of the following persons: a trustee; a person who, under the terms of the trust, has the power to enforce the trust; if the trust is a charitable trust, the director of charitable trusts; and any other person, other…

(a) If the terms of the trust require the interested persons to resolve a trust dispute exclusively by reasonable nonjudicial procedures, then those interested persons shall resolve that trust dispute in accordance with the terms of the trust. (b) An interested person may commenc…

(a) The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. For the purposes of this section, RSA 551:10 is n…

(a) For purposes of this section, the following definitions apply: (1) "Letter of wishes" means a record that: (A) Is not a trust instrument; (B) Is created by a settlor; and (C) Contains precatory language. (2) "Precatory language" means language that: (A) Is not binding on any …

If a trustee appointed in a will, no provision being made therein for perpetuating the trust, shall decline to accept it, or shall die, resign or be removed, a trustee may be appointed by the judge in his stead, after notice to the persons interested in the trust estate.

(a) A foundation shall have a board of directors. (b) Unless the governing documents provide otherwise, the board of directors shall have general responsibility for managing the foundation's affairs and the authority to exercise the foundation's powers.

(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee's duties; (2) enjoin the trustee from committing a breach of…

(a) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profit the trust…

(a) The governing documents may prescribe qualifications for directors. (b) Unless the governing documents provide otherwise, a director may be: (1) An individual or an entity; and (2) A resident of any jurisdiction and need not be a resident of this state.

(a) A trustee, trust advisor, or trust protector is accountable to an affected beneficiary for any profit made by that trustee, trust advisor, or trust protector arising from the administration of the trust, even absent a breach of trust. This section does not preclude the paymen…

(a) A foundation shall have at least one director. (b) Subject to subsection (a), the number of directors may be increased or decreased: (1) In accordance with the provisions of the governing documents governing the method for increasing or decreasing the number of directors; or …

(a) A foundation may have one or more classes of directors. (b) Each class of directors shall have the duties and powers assigned to that class under the governing documents.

In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.

(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and in…

(a) The initial directors shall be appointed by: (1) The organizers; or (2) The founder. (b) After the appointment of the initial directors, any additional or successor director shall be appointed: (1) In accordance with the provisions of the governing documents governing the app…

(a) A trustee shall commence a proceeding against a cotrustee or a former trustee for breach of trust within 3 years after the earlier of the date on which the trustee was sent a report that adequately disclosed the existence of a potential claim for breach of trust or the remova…

A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.

(a) A director may resign at any time by delivering written notice of the resignation to: (1) The other directors; and (2) The persons who have the power to appoint a successor director. (b) A resignation is effective upon the delivery of the notice of resignation, unless that no…

(a) A director may be removed in accordance with the governing documents. (b) The court may remove a director if: (1) The director has committed a serious breach of duty; (2) Lack of cooperation among the directors substantially impairs the management of the foundation's affairs;…

If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss result…

(a) Unless the governing documents provide otherwise, the directors may: (1) Establish one or more committees; (2) Appoint one or more directors as members of a committee; (3) Remove one or more members of a committee; and (4) Terminate any committee. (b) To the extent specified …

(a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the b…

A trustee is not liable to a beneficiary for breach of trust if the beneficiary, consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (1) the consent, release, or ratific…

(a) Unless the governing documents provide otherwise, the directors may delegate to any one or more persons any duty or power that prudent directors of comparable skills and having the same power or duty could properly delegate under the circumstances. (b) The directors may deleg…

(a) Unless the governing documents provides otherwise, each director shall have one vote on each matter on which the directors may vote. (b) Unless the governing documents provide otherwise, each matter on which the directors may vote shall be decided by vote of a majority of the…

(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (b) A trustee is …

(a) The governing documents may set forth provisions relating to: (1) Notice of the time, place, or purpose of any meeting at which any matter is to be voted on by any directors or class of directors; (2) Waiver of any notice of a meeting; (3) Action by vote without a meeting; (4…

(a) Except as otherwise provided in subsection (c) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the tr…