This bill amends the New Hampshire Trust Code to enhance the governance of trusts by introducing several key changes. Firstly, it prohibits beneficiaries from removing a fiduciary and replacing them with a relative or subordinate, unless specific conditions are met, such as the fiduciary's discretionary power being limited by an ascertainable standard. Additionally, the bill expands the definition of who may be considered a fiduciary, which now includes trust advisors and protectors, and it repeals previous limitations on trustees who are also beneficiaries, allowing for greater flexibility in trust management.

The bill also modifies the language surrounding the discretionary powers of fiduciaries, ensuring that they must act in good faith and in accordance with the trust's terms and the beneficiaries' interests. It clarifies that a beneficiary's interest in distributions is merely an expectancy unless the trust specifies otherwise. Furthermore, it allows for unequal distributions among beneficiaries and permits the appointment of a special trustee if all fiduciaries are limited in their powers. The effective date of the bill is set for 60 days after its passage.

Statutes affected:
Introduced: 564-B:8-814, 564-B:8-815, 564-B:8-818
Version adopted by both bodies: 564-B:8-814, 564-B:8-815, 564-B:8-818
CHAPTERED FINAL VERSION: 564-B:8-814, 564-B:8-815, 564-B:8-818