RSA 564-B:1-108 · Principal Place of Administration

564-B:1-108 Principal Place of Administration. –

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(a)

Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:

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(1)

a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or

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(2)

all or part of the administration occurs in the designated jurisdiction.

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(b)

A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.

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(c)

Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b), may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States.

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(d)

The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than 60 days before initiating the transfer. The notice of proposed transfer must include:

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(1)

the name of the jurisdiction to which the principal place of administration is to be transferred;

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(2)

the address and telephone number at the new location at which the trustee can be contacted;

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(3)

an explanation of the reasons for the proposed transfer;

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(4)

the date on which the proposed transfer is anticipated to occur; and

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(5)

the date, not less than 60 days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.

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(e)

The authority of a trustee under this section to transfer a trust's principal place of administration terminates if the qualified beneficiary or, if more than one, a majority of qualified beneficiaries, notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.

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(f)

Unless otherwise provided under the terms of the trust or an agreement among the trustees, a trust has a principal place of administration in this state if (1) a trustee's principal place of business is located in this state or, if a trustee is an individual, that trustee is a resident of this state and (2) all or part of the administration occurs in this state. Source. 2004, 130:1, eff. Oct. 1, 2004. 2014, 195:10, eff. July 1, 2014.

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