The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.Starting January 1, 2025, New Hampshire does not impose a state income tax.
New Hampshire does not impose an inheritance tax.
New Hampshire imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, there is no credit estate tax in effect at this time.
New Hampshire does not impose a GST tax.
New Hampshire does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when:
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.
The minor child reaches age 18 for other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate goes to the surviving spouse, as follows:
If there are no surviving descendants or parents—100% of the estate
If the surviving descendants are all also descendants of the spouse and the spouse has no other surviving descendants—first $250,000 plus 50% of the balance of the estate
If one or both parents survive but there are no surviving descendants—first $250,000 plus 75% of the balance of the estate
If there are surviving descendants, all of whom are also descendants of the spouse, and the spouse has one or more surviving descendants that are not descendants of decedent—first $150,000 plus 50% of the balance of the estate
If there are surviving descendants, at least one of whom is not also a descendant of the spouse—first $100,000 plus 50% of the balance of the estate
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% to descendants, equally if all of the same degree, but if of unequal degree, those of more remote degree take by representation (which is not defined in the statute)
If there is no surviving spouse or descendant:
100% to surviving parent or parents equally
If there is no surviving spouse, descendant or parent:
100% to siblings, equally if all of the same degree, but if of unequal degree, those of more remote degree take by representation
If none of the above:
Intestacy laws outline further distribution steps to the level of grandparents and their descendants, provided no portion of the estate passes to any person who is of the fifth or greater degree of kinship to decedent. See RSA 561:1(d), (e), (f).
If no legally described recipient can be found, estate assets go to the state of New Hampshire.
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Non-qualified Annuities: No exemption.
Life Insurance Proceeds: Beneficiary’s interest exempt from creditors of the insured who purchases insurance on his or her life to benefit another person (unless the estate is the beneficiary). If the beneficiary is a married woman, her interest is exempt from her own creditors.
Digital Assets: New Hampshire follows the Revised Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition.
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