(a) Unless controlled by an instrument designating a custodial trustee under § 554B-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary‘s family or to a trust company as custodial trustee for the benefit of the incapacitated individual. If the property or obligation exceeds $20,000 in value, the transfer must be authorized by the court.
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Terms Used In Hawaii Revised Statutes 554B-5

  • Adult: means an individual who has attained the age of eighteen years. See Hawaii Revised Statutes 554B-1
  • Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 554B-1
  • Court: means the circuit court of the State. See Hawaii Revised Statutes 554B-1
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee. See Hawaii Revised Statutes 554B-1
  • Fiduciary: A trustee, executor, or administrator.
  • Incapacitated: means that an individual lacks the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other cause. See Hawaii Revised Statutes 554B-1
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 554B-1
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Hawaii Revised Statutes 554B-1
  • Trustee: A person or institution holding and administering property in trust.
(b) The written acknowledgment of delivery signed by a custodial trustee constitutes a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

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