New Hampshire Revised Statutes 564-B:4-414 – Modification or Termination of Uneconomic Trust
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(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if:
(1) The trustee concludes that the value of the trust property is insufficient to justify the cost of administration; and
(2) Within 30 days after the notice was sent to the qualified beneficiaries, a beneficiary does not notify the trustee of the beneficiary’s objection to the trust’s termination.
(b) The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(d) This section does not apply to an easement for conservation or preservation or to a fund held or created by a town or other municipality under N.H. Rev. Stat. § 31:19 or N.H. Rev. Stat. § 31:19-a.
(1) The trustee concludes that the value of the trust property is insufficient to justify the cost of administration; and
Terms Used In New Hampshire Revised Statutes 564-B:4-414
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(2) Within 30 days after the notice was sent to the qualified beneficiaries, a beneficiary does not notify the trustee of the beneficiary’s objection to the trust’s termination.
(b) The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(d) This section does not apply to an easement for conservation or preservation or to a fund held or created by a town or other municipality under N.H. Rev. Stat. § 31:19 or N.H. Rev. Stat. § 31:19-a.