This bill establishes community property trusts in New Hampshire, allowing married couples to create trusts that hold property as community property during their marriage. The new legal framework is introduced through the addition of Article 13 to RSA 564-B, which outlines definitions, qualifications, and regulations for these trusts. Key definitions include "community property," "community property trust," and "settlor spouses," among others. The bill specifies that a community property trust must be signed by both spouses, include a qualified trustee, and contain a warning about the extensive consequences of the trust, particularly regarding rights during marriage and divorce.

The bill also details the management and distribution of assets within the community property trust, including provisions for amending or revoking the trust, the rights of creditors, and the distribution of assets upon the death of a spouse or dissolution of marriage. Notably, it states that the trust will terminate upon the dissolution of the marriage, with assets distributed equally unless otherwise agreed. The act is set to take effect on January 1, 2026, and is projected to have no fiscal impact on state or local budgets.

Statutes affected:
Introduced: 78-B:2