New Hampshire Revised Statutes 564-B:10-1015 – Beneficiary’s Disclaimer of an Interest in a Trust
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(a) In addition to a beneficiary‘s right to disclaim an interest in a trust under N.H. Rev. Stat. Chapter 563-B and any other method for refusing to accept an interest in a trust, a beneficiary may disclaim an interest in a trust, including a trust that contains a spendthrift provision. An interest may be less than the beneficiary’s entire interest in the trust. The disclaimer must be made by a written instrument delivered to a trustee.
(b) Unless the trustee has made a distribution to or for the benefit of the beneficiary, a disclaimer under subsection (a) is effective as of the interest’s creation and is not a transfer, assignment, or release of the disclaimed interest.
(c) A beneficiary’s right to disclaim an interest in a trust does not affect the validity or effect of a spendthrift provision.
(b) Unless the trustee has made a distribution to or for the benefit of the beneficiary, a disclaimer under subsection (a) is effective as of the interest’s creation and is not a transfer, assignment, or release of the disclaimed interest.
Terms Used In New Hampshire Revised Statutes 564-B:10-1015
- 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
- spendthrift: shall include anyone who is liable to be put under guardianship on account of excessive drinking, gaming, idleness, debauchery or vicious habits of any kind, or who is unable to manage his affairs with prudence. See New Hampshire Revised Statutes 21:19
- Trustee: A person or institution holding and administering property in trust.
(c) A beneficiary’s right to disclaim an interest in a trust does not affect the validity or effect of a spendthrift provision.