(a) A personal representative or trustee may make an irrevocable transfer pursuant to section custodial property and effecting transfer; designation of initial custodian; control” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>553A-9 to a custodian for the benefit of a minor as authorized in the governing will or trust.
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Terms Used In Hawaii Revised Statutes 553A-5

  • Custodial property: means (1) any interest in property transferred to a custodian under this chapter and (2) the income from and proceeds of that interest in property. See Hawaii Revised Statutes 553A-1
  • Custodian: means a person so designated under section 553A-9 or a successor or substitute custodian designated under section 553A-18. See Hawaii Revised Statutes 553A-1
  • Minor: means an individual who has not attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 553A-1
  • Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 553A-1
  • Testator: A male person who leaves a will at death.
  • Transfer: means a transaction that creates custodial property under section 553A-9. See Hawaii Revised Statutes 553A-1
  • Trustee: A person or institution holding and administering property in trust.
(b) If the testator or settlor has nominated a custodian under § 553A-3 to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settlor has not nominated a custodian under § 553A-3, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 553A-9(a).

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