564-B:1-103 Definitions. –
In this chapter:
(1) "Action," with respect to an act of a trustee, includes a failure to act.
(2) "Beneficiary" means a person that:
(A) has a present or future beneficial interest in a trust, vested or contingent; or
(B) in a capacity other than that of trustee, holds a power of appointment over trust property.
(3) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in RSA 564-B:4-405(a).
(4) "Conservator" means a person appointed by the court to administer the estate of an individual pursuant to RSA 464-A:13.
(5) "Environmental law'' means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.
(6)(a) "Guardian of the estate" means a person appointed by a court to administer the estate of a minor, including a person described in RSA 463:19, or a person appointed by a court to serve as guardian of the estate of an incapacitated person, including a person described in described in RSA 464-A:26, I.
(b) "Guardian of the person" means a person appointed by a court to make decisions regarding the support, care and education of a minor, including as described in RSA 463:12, or a guardian of the person of an incapacitated individual appointed by a court, including a person appointed by the court to carry out the responsibilities described in RSA 464-A:25. The term does not include a guardian ad litem.
(7) "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust.
(8) "Jurisdiction," with respect to a geographic area, includes a state or country.
(9) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government (including a governmental subdivision, agency, or instrumentality), public corporation, or any other legal or commercial entity.
(10) "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable by a trustee which is limited by an ascertainable standard or which is exercisable by another person only upon consent of the trustee or a person holding an adverse interest.
(11) "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein.
(12) "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined:
(A) is a distributee or permissible distributee of trust income or principal;
(B) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subparagraph (A) terminated on that date but the termination of those interests would not cause the trust to terminate; or
(C) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.
(13) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(14) "Revocable" as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
(15) "Settlor" means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.
(16) "Sign" means, with present intent to authenticate or adopt a record,
(i) to execute or adopt a tangible symbol; or
(ii) to attach to or logically associate with the record an electronic sound, symbol, or process.
(17) "Spendthrift provision" means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary's interest.
(18) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state.
(19) "Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. The terms of the trust may be interpreted, amended, modified, and reformed as provided in this chapter, including by means of a court order or a nonjudicial settlement agreement made in accordance with RSA 564-B:1-111.
(20) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.
(21) "Trustee" includes an original, additional, and successor trustee, and a cotrustee.
(22) "Ascertainable standard" means a standard related to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code.
(23) "Directed trust" means a directed trust as defined in RSA 564-B:7-711(b).
(24) "Excluded fiduciary" means:
(A) A trustee who is an excluded fiduciary under RSA 564-B:7-711(c) or RSA 564-B:7-711(d); or
(B) A trust advisor or trust protector who is an excluded fiduciary under RSA 564-B:7-711(e) or RSA 564-B:7-711(f).
(25) "Include" and "including" means the same as "include, without limitation" and "including, without limitation" regardless of whether expressly specified. Accordingly, the word "include" and any variation of that word shall be construed as words of enlargement and not as words of limitation or restriction.
(26) "Investment company" means an investment company as defined under the federal Investment Company Act of 1940.
(27) "Trust advisor" means any person described in RSA 564-B:12-1201(a).
(28) "Trust protector" means any person described in RSA 564-B:12-1201(a).
(29) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended and as in effect from time to time.
(30) "Good faith" means:
(A) with respect to a trustee, trust advisor, or trust protector, the observance of common standards of honesty, decency, fairness, and reasonableness in accordance with the terms of the trust, the trust's purposes, and the interests of the beneficiaries as their interests are defined under the terms of the trust; or
(B) with respect to a person other than a trustee, trust advisor, trust protector, or beneficiary for purposes of RSA 564-B:10-1012 and RSA 564-B:10-1013, honesty in fact and the observance of reasonable commercial standards of fair dealing.
(31) "Resident" means an individual who is domiciled in the state or jurisdiction in which he or she has his or her principal place of physical presence.
(32) "Agent" includes an agent appointed under a power of attorney.
(33) "Incapacity" means an individual's inability to manage property or business affairs because the individual:
(A) Has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or
(B) Is:
(i) Missing;
(ii) Detained, including incarcerated in a penal system; or
(iii) Outside the United States and unable to return.