RSA 383-C:12-1201 · Definitions

383-C:12-1201 Definitions. – For purposes of this article, the following definitions shall apply:

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(a)

"Limited-scope discretionary power" means discretionary power with respect to a trust if: (i) the terms of the trust confer simultaneous, discretionary authority on two or more persons; (ii) the power represents only a portion of the full range of discretionary powers conferred by the terms of the trust instrument on all persons that can exercise discretionary powers under the terms of the trust; and (iii) the power generally is directed toward a singular area of discretion. Limited-scope discretionary power may be any one of the following powers, but generally would not include more than one of the following: the power to make or direct discretionary distributions, the power to decant, the power to add or remove beneficiaries, the power to veto decisions by another fiduciary.

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(b)

"Qualified trust advisor" means (i) any person that serves as a trust advisor or as a trust protector and, in that capacity, exercises only limited-scope discretionary power as to a trust, and (ii) any other person designated as a qualified trust advisor pursuant to rules adopted by the commissioner under this article.

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(c)

"Registered advisor" means an entity that is (i) an investment advisor or broker-dealer that maintains a valid registration under state or federal law or (ii) a commodity trading advisor registered under federal law.

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(d)

"Trust advisor" means a trust advisor as defined in RSA 564-B:1-103(27).

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(e)

"Trust protector" means a trust protector as defined in RSA 564-B:1-103(28). Source. 2015, 272:16, eff. Oct. 1, 2015.

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