§ 564-B:8-813 — Duty to Inform and Report

(a) Except while a trust is revocable and a settlor has capacity to revoke the trust, a trustee of a revocable trust shall provide a trustee's report comparable to that described in subsection (d) to the distributees or permissible distributees of trust income or principal.
(b) A trustee shall keep the qualified beneficiaries of an irrevocable trust who have attained 21 years of age and those having the rights of a qualified beneficiary reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. A trustee shall be presumed to have fulfilled this duty if the trustee provides the information described in paragraphs (c) and (d). Unless unreasonable under the circumstances, a trustee of an irrevocable trust shall promptly respond to the request of any qualified beneficiary or one having the rights of a qualified beneficiary for information related to the administration of the trust. A trustee may provide any other information the trustee deems necessary or appropriate to keep beneficiaries reasonably informed.
(c) A trustee of an irrevocable trust:
(1) upon request of a qualified beneficiary who has attained 21 years of age or one who has the rights of a qualified beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;
(2) by no later than 60 days after the later of (i) accepting a trusteeship or (ii) the death of the last surviving settlor, shall notify the qualified beneficiaries who have attained 21 years of age and those who have the rights of a qualified beneficiary of the acceptance and of the trustee's name, address, and telephone number; and
(3) by no later than 60 days after the date the trustee acquires knowledge of the creation and initial funding of an irrevocable trust and the death of the last surviving settlor, or by no later than 60 days after the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, that the trust has been initially funded, and that the last surviving settlor has died, shall notify the qualified beneficiaries who have attained 21 years of age and those who have the rights of a qualified beneficiary of the trust's existence, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection (d).
(d) A trustee of an irrevocable trust shall send a report at least annually and at the termination of the trust to the distributees or permissible distributees of trust income or principal, unless the terms of the trust provide otherwise; the qualified beneficiaries who request it; those who have the rights of a qualified beneficiary who request it; and the settlor or a guardian or agent under power of attorney of a settlor who does not have the capacity described in RSA 564-B:6-601. The report shall include a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets, and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report must be sent to the qualified beneficiaries who have attained 21 years of age and those who have the rights of a qualified beneficiary by the former trustee. A personal representative, conservator, guardian of the estate, or guardian of the person may send a report on behalf of a deceased or incapacitated trustee.
(e) A beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section and with respect to future reports and other information, may withdraw a waiver previously given.
(f) Subsections (b), (c), and (d) of this section shall apply only to a trustee who accepts a trusteeship on or after October 1, 2004, to an irrevocable trust created on or after October 1, 2004, and to a revocable trust which became irrevocable on or after October 1, 2004.
(g) The change in the identity of a trustee, occurring as the result of a mere name change or a merger, consolidation, combination or reorganization of a corporate trustee, does not require the notice described in subsection (c)(2) of this section.
(h) In fulfilling the duty under this section to the director of charitable trusts pursuant to RSA 564-B:1-110(c), the trustee may permit the director of charitable trusts to view the trust instrument and reports upon request at the office of the trustee instead of providing a copy of the trust instrument and the reports.
(i) The trustee of an irrevocable trust shall notify the qualified beneficiaries who have attained 21 years of age and those who have the rights of a qualified beneficiary by no later than 60 days after any change in the method or rate of the trustee's compensation.
(j) If the trustee is bound by any written confidentiality restrictions with respect to an asset of a trust, a trustee may require that any beneficiary who is eligible to receive information pursuant to this section about such asset shall agree in writing to be bound by the confidentiality restrictions that bind the trustee before receiving such information from the trustee.
(k) A trust advisor, trust protector, or other fiduciary designated by the terms of the trust shall keep each excluded fiduciary designated by the terms of the trust reasonably informed about (1) the administration of the trust with respect to any specific duty or function being performed by the trust advisor, trust protector, or other fiduciary to the extent that the duty or function would normally be performed by the excluded fiduciary or to the extent that providing such information to the excluded fiduciary is reasonably necessary for the excluded fiduciary to perform its duties and (2) any other material information that the excluded fiduciary would be required to disclose to the qualified beneficiaries under subsection (b) regardless of whether the terms of the trust relieve the excluded fiduciary from providing such information to qualified beneficiaries. Neither the performance nor the failure to perform of a trust advisor, trust protector, or other fiduciary designated by the terms of the trust as provided in this subsection shall affect the limitation on the liability of the excluded fiduciary provided by RSA 564-B:12-1206 and RSA 564-B:12-1207.

Legislative History

2004, 130:1. 2005, 270:25. 2006, 320:64, eff. Aug. 19, 2006. 2008, 374:14, eff. Sept. 9, 2008.