SB 435 is a comprehensive legislative bill that seeks to update and streamline the New Hampshire Trust Code. The bill consolidates the unitrust statute into one title, removing redundant statutes and updating the definition of "net income" to exclude detailed calculations for unitrusts. It introduces a new section, RSA 564-C:1-107, which outlines the creation of a Total Return Unitrust, specifying that a unitrust must distribute a fixed percentage of the trust's assets annually, within a range of 3 to 5 percent. The bill also amends RSA 564-B:8-812(b) and (c) to clarify trustee responsibilities in addressing breaches of trust and RSA 564-B:12-1204 regarding the duties of trustees, trust advisors, and trust protectors. Insertions and deletions are made to reflect these changes, such as the deletion of detailed provisions for unitrusts and the insertion of references to the new RSA 564-C:1-107.

Additionally, SB 435 specifies the responsibilities of excluded fiduciaries, cotrustees, and expands the scope of the trust code to include special needs trusts. It limits the powers of trustees who are beneficiaries and defines the powers of fiduciaries in environmental matters, allowing them to manage environmental conditions of trust property. The bill also provides that a written certificate filed by a trustee is conclusive evidence of their power to convey trust property, protecting third parties from further inquiry into the trustee's authority. Furthermore, it updates references to the New Hampshire Trust Code sections, replacing outdated citations with current ones, and repeals RSA 564-A. The bill modifies the jurisdiction of the probate division of the circuit court, making it exclusive for certain trusts and concurrent with the superior court for proceedings involving charitable uses and trusts. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 564-C:1-102, 564-C:1-106, 564-C:1, 564-B:8-812, 564-B:12-1204, 564-B:7-703, 564-B:1-103, 564-B:2-203, 564-B:8-815, 564-B:10-1013, 564-B:8-816, 564:9, 563-B:3, 547:3, 498:1
As Amended by the Senate: 564-C:1-102, 564-C:1-106, 564-C:1, 564-B:8-812, 564-B:12-1204, 564-B:7-703, 564-B:1-103, 564-B:2-203, 564-B:8-815, 564-B:10-1013, 564-B:8-816, 564:9, 563-B:3, 547:3, 498:1
As Amended by the House: 564-C:1-102, 564-C:1-106, 564-C:1, 564-B:8-812, 564-B:12-1204, 564-B:7-703, 564-B:1-102, 564-B:2-203, 564-B:8-815, 564-B:10-1013, 564-B:8-816, 564:9, 563-B:3, 547:3, 498:1
Version adopted by both bodies: 564-C:1-102, 564-C:1-106, 564-C:1, 564-B:8-812, 564-B:12-1204, 564-B:7-703, 564-B:1-102, 564-B:2-203, 564-B:8-815, 564-B:10-1013, 564-B:8-816, 564:9, 563-B:3, 547:3, 498:1