New Hampshire Revised Statutes 564-B:8-817 – Distribution upon Termination
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(a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.
(b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.
(c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:
(1) it was induced by improper conduct of the trustee; or
(2) beneficiary, at the time of the release, did not know of the beneficiary’s rights or of the material facts relating to the breach.
(d) A person who receives a distribution from a trust that has terminated is liable to return the distribution to the extent that a court subsequently determines that the person was not entitled to the distribution.
(b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.
Terms Used In New Hampshire Revised Statutes 564-B:8-817
- 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
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Trustee: A person or institution holding and administering property in trust.
(c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:
(1) it was induced by improper conduct of the trustee; or
(2) beneficiary, at the time of the release, did not know of the beneficiary’s rights or of the material facts relating to the breach.
(d) A person who receives a distribution from a trust that has terminated is liable to return the distribution to the extent that a court subsequently determines that the person was not entitled to the distribution.