HB182: relative to unclaimed shares and advancements to heirs.

CHAPTER 46

HB 182 - FINAL VERSION

30jan03...0048h

17apr03... 1390eba

2003 SESSION

03-0667

01/09

HOUSE BILL 182

AN ACT relative to unclaimed shares and advancements to heirs.

SPONSORS: Rep. J. Pratt, Ches 24; Rep. Craig, Hills 50; Rep. Rowe, Hills 47; Sen. Foster, Dist 13; Sen. Peterson, Dist 11

COMMITTEE: Judiciary

ANALYSIS

This bill clarifies the law relative to unclaimed shares and advancements to heirs.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

30jan03...0048h

17apr03... 1390eba

03-0667

01/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT relative to unclaimed shares and advancements to heirs.

Be it Enacted by the Senate and House of Representatives in General Court convened:

46:1 Descent, Distribution, and Advancements; Unclaimed Share. Amend RSA 561:10 to read as follows:

561:10 Unclaimed Share.

I. Whenever, upon a decree of distribution or the settlement of the account of an administrator, executor or trustee, there shall be in his or her hands any sum of money in excess of [$50] $5,000 belonging to any heir, legatee, beneficiary, creditor, or other person whose place of residence is unknown and cannot be found, or if such person shall refuse to accept or receipt for such sum after being tendered, the administrator, executor or trustee shall petition the probate court and the court, when satisfied that due diligence has been used to find the person entitled to such sum or that such sum has been tendered to and refused by such heir, legatee, beneficiary, creditor or other person entitled to the same, shall decree that the sum be paid over to the state treasurer, and such payment shall be a discharge of said administrator, executor or trustee. The state treasurer shall hold any such sums received in accordance with RSA 471-C.

II. In the cases of sums of [$50] $5,000 or less the probate court, after an affidavit has been filed with it by the administrator, executor or trustee stating that due effort had been made to find the person entitled to such sum, or that said person has refused tender of such sum, may make distribution of such sum in accordance with the provisions of this chapter but as though those entitled thereto under the original decree of distribution or their issue, representatives or assigns had no interest in or against the estate.

46:2 Descent, Distribution, and Advancements; Advancements. RSA 561:13 is repealed and reenacted to read as follows:

561:13 Advancements.

I. If an individual dies intestate as to all or a portion of the individual's estate, property the decedent gave during lifetime to an individual who, at the decedent's death, is an heir is treated as an advancement against the heir's intestate share only if:

(a) The decedent declared in a contemporaneous writing that the gift was an advancement; or

(b) The heir acknowledged in writing prior to the decedent's date of death that the gift was an advancement; or

(c) The decedent's contemporaneous writing otherwise indicates that the gift is to be taken into account in computing the division and distribution of the decedent's intestate estate; or

(d) The heir's written acknowledgement prior to the decedent's death indicates that the gift is to be taken into account in computing the division and distribution of the decedent's intestate estate.

II. For purposes of paragraph I, property advanced is valued as of the time the heir came into possession or enjoyment of the property or as of the time of the decedent's death, whichever occurs first.

III. If the recipient of the property fails to survive the decedent, the property is not taken into account in computing the division and distribution of the decedent's intestate estate unless the decedent's contemporaneous writing provides otherwise.

IV. If the value of the property received by the heir during the decedent's lifetime exceeds the value of the heir's share of the decedent's intestate estate, the heir shall have no obligation to pay such excess amount to the decedent's estate unless the decedent's contemporaneous writing provides otherwise.

46:3 Repeal. The following are repealed:

I. RSA 561:14, relative to adjustment of the share of a decedent's estate distributed to an heir.

II. RSA 561:15, relative to transfer by deed as an advancement to an heir from a decedent's estate.

III. RSA 561:16, relative to personalty.

46:4 Effective Date. This act shall take effect January 1, 2004.

(Approved: May 9, 2003)

(Effective Date: January 1, 2004)