Will Several Significant Changes To New Hampshire Laws Affect Your Estate Planning?

estate planningEffective January 1, 2018, NH adopted a version of the Uniform Power of Attorney Act. One of the more important provisions under the new law is that banks and financial institutions are prevented from arbitrarily refusing to accept powers of attorney. Bank and investment company refusals to accept powers of attorney are an increasingly common occurrence. Under the new law if a third party refuses to accept a notarized power of attorney, the agent can obtain a court order mandating the acceptance. In such a case, the third party will be required to pay the attorneys’ fees associated with obtaining the court order. The provisions of the new law apply to powers of attorney signed before, on or after January 1, 2018.

Qualified Dispositions in Trust Act

In late 2017, the Qualified Dispositions in Trust Act was repealed. This repeal has significantly changed the creditor protection that a grantor/beneficiary can obtain under a self-created, irrevocable asset protection trust. Under the old law which was in place since 2009, an individual could transfer property to an irrevocable trust that provides asset protection but still benefit from the property transferred to the trust. Under the new provisions, a trust offers asset protection for a grantor who is a beneficiary, provided that the trust includes a spendthrift clause, and a condition that the grantor cannot make distributions to him or herself.

Probate Filings

Finally, in June 2017, all probate filings for new estates are required to be filed on-line. All routine probate filings are now processed through a centralized filing center in Concord, rather than at the county Circuit Courts. Heirs have the option to sign up on-line to receive all probate filings via email directly from the Court.

If you’re interested in talking with the attorneys at Welts, White & Fontaine PC about estate planning, including wills and trusts, please contact us by clicking here or by calling (603) 883-0797. Welts, White & Fontaine is Nashua’s largest law firm and serves the legal needs of both individuals and businesses in towns such as Amherst, Milford, Hudson, Brookline, Windham, Hollis, Merrimack, Litchfield, Bedford, Londonderry, Pelham, and, of course, Nashua.

Author: John S. Polgrean

This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.