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 under a new article, Article 13, in RSA 564-B, which includes definitions of key terms such as "community property," "community property trust," and "settlor spouses." The bill outlines the qualifications for a community property trust, including the requirement for both spouses to sign the trust and for it to be managed by a qualified trustee. It also mandates that the trust agreement contains a warning about the extensive consequences of the trust on the spouses' rights during marriage and at divorce.

Additionally, the bill specifies the rights and obligations of spouses regarding the property in the trust, including provisions for amending or revoking the trust, managing the property, and satisfying obligations to creditors. Upon the death of a spouse or dissolution of the marriage, the bill details how the trust assets are to be distributed. The act is set to take effect on January 1, 2026, and it is noted that the bill will have no fiscal impact on state, county, or local expenditures or revenue.

Statutes affected:
Introduced: 78-B:2