When someone dies without a will in New Hampshire?
When a person dies with a will, it is called dying testate. When someone dies without a will, it is called dying “intestate.” When someone dies without a will, his or her estate is distributed in accordance with New Hampshire’s intestacy law (also called the law of descent and distribution, NH RSA 561).
How does a trust work upon death?
If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years.
How long after death is a trust executed?
To execute and complete the trust administration process can take between 10 months to 18 months typically.
Is there an estate tax in NH?
New Hampshire does not have an inheritance tax. However, if you inherit from someone who lived in or owned property in a state that does have an estate tax, such as Maryland or Kentucky, then you may have to deal with that tax. It is one of the 38 states in the U.S. that does not levy an estate tax.
When did New Hampshire change its trust law?
New Hampshire enacted legislation in 2014 that enhances and makes more accessible its flexible trust laws and provides new opportunities for both New Hampshire residents and out-of-staters seeking income tax refuge and trust customization alternatives.
Can a trustee decant a trust in New Hampshire?
The new law repeals and re-enacts New Hampshire’s decanting statute (RSA 564-B:4-418). In addition to clarifying the provisions of the prior decanting statute, the new provisions allow a trustee to decant if a beneficiary has a vested interest in the original trust, so long as the terms of the new trust preserve the beneficiary’s vested interest.
How are trust disputes resolved in New Hampshire?
The new law created new RSA 564-B:1-111A, which provides that if the terms of a trust require trust disputes to be resolved exclusively by reasonable nonjudicial procedures, such as arbitration or mediation, then the interested parties must resolve a dispute in accordance with the terms of the trust.
What happens to a trust when the person dies?
Most states require a last will and testament to be filed with the appropriate state court when the person dies. When this happens, the will becomes a public record for anyone to read. However, trusts aren’t recorded.