When it comes to estate planning in New Hampshire, it’s crucial to understand which assets may not pass under a will. Knowing what property bypasses a will can help individuals ensure their assets are distributed according to their wishes. In this article, we will delve into the types of property that do not pass under a will in New Hampshire, including joint property, life insurance policies, and trusts exempt from probate.
Joint Property
One type of property that does not pass under a will in New Hampshire is joint property. When property is held jointly with rights of survivorship, it automatically passes to the surviving joint owner upon the death of the other owner. This means that the property does not form part of the deceased owner’s estate and is not subject to the terms of their will.
Life Insurance Policies
Life insurance policies are another example of assets that bypass a will in New Hampshire. The proceeds of a life insurance policy are paid directly to the named beneficiaries and do not go through probate. This allows for a swift and efficient transfer of the policy benefits to the intended recipients.
Trusts Exempt from Probate
Assets held in certain types of trusts are also exempt from probate in New Hampshire. A trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries. By placing assets in a trust, individuals can ensure that these assets are not subject to the probate process and can be distributed according to the terms of the trust document.
Legal Code Reference
It’s important to note that the laws governing wills and estates in New Hampshire can be found in the New Hampshire Statutes, specifically in Title LII – Actions, Process in Particular Cases. Individuals seeking more detailed information on the types of property that do not pass under a will should refer to the relevant sections of the legal code.
Ensuring Proper Asset Distribution
By understanding which assets do not pass under a will in New Hampshire, individuals can take proactive steps to ensure that their property is distributed in accordance with their wishes. Proper estate planning, including the use of trusts and beneficiary designations, can help streamline the transfer of assets and avoid potential conflicts among heirs.
Buried in Work’s Additional Resources
Buried in Work provides New Hampshire state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.
