Hawaii Revised Statutes 554D-103 – Definitions
As used in this chapter:
“Action”, with respect to an act of a trustee, includes a failure to act.
“Ascertainable standard” means a standard relating 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 of 1986, as in effect on the effective date of this chapter.
“Beneficiary” means a person who:
Terms Used In Hawaii Revised Statutes 554D-103
- Ascertainable standard: means a standard relating 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 of 1986, as in effect on the effective date of this chapter. See Hawaii Revised Statutes 554D-103
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person who:
(1) Has a present or future beneficial interest in a trust, vested or contingent; or (2) In a capacity other than that of trustee, holds a power of appointment over trust property. See Hawaii Revised Statutes 554D-103 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means the circuit court in this State having jurisdiction over all subject matter relating to trusts. See Hawaii Revised Statutes 554D-103
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Interested persons: includes beneficiaries and any others having a property right in or claim against a trust estate that may be affected by a judicial proceeding and fiduciaries and other persons representing interested persons. See Hawaii Revised Statutes 554D-103
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Hawaii Revised Statutes 554D-103
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Hawaii Revised Statutes 554D-103
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Settlor: means a person, including a testator, who creates, or contributes property to, a trust. See Hawaii Revised Statutes 554D-103
- Spouse: includes individuals who are married to each other and individuals who are reciprocal beneficiaries. See Hawaii Revised Statutes 554D-103
- State: includes an Indian tribe or band recognized by federal law or formally acknowledged by a state. See Hawaii Revised Statutes 554D-103
- Testator: A male person who leaves a will at death.
- Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Hawaii Revised Statutes 554D-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Hawaii Revised Statutes 554D-103
“Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in section -405(a).
“Conservator” means a person appointed by the court to administer the estate of a minor or adult individual.
“Court” means the circuit court in this State having jurisdiction over all subject matter relating to trusts.
“Environmental law” means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.
“Guardian” means a person appointed by the court, a parent, or a spouse to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. “Guardian” does not include a guardian ad litem.
“Incapacitated” means an individual who, for reasons other than age, is unable to manage property and business affairs effectively because of an impairment in the ability to receive and evaluate information or to make or communicate decisions, even with the use of appropriate and reasonably available technological assistance or because of another physical, mental, or health impairment, or because the individual is missing, detained, or unable to return to the United States.
“Interested persons” includes beneficiaries and any others having a property right in or claim against a trust estate that may be affected by a judicial proceeding and fiduciaries and other persons representing interested persons. The meaning as it relates to particular persons may vary from time to time and shall be determined according to the particular purposes of, and matter involved in, any proceeding.
“Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust.
“Jurisdiction”, with respect to a geographic area, includes a state or country.
“Person” means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity.
“Power of withdrawal” means a presently exercisable general power of appointment other than a power:
“Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein.
“Qualified beneficiary” means a beneficiary who, on the date the beneficiary‘s qualification is determined:
“Revocable”, as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
“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.
“Spendthrift provision” means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary’s interest.
“Spouse” includes individuals who are married to each other and individuals who are reciprocal beneficiaries.
“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. “State” includes an Indian tribe or band recognized by federal law or formally acknowledged by a state.
“Terms of a trust” means:
“Trust instrument” means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.
“Trustee” includes an original, additional, and successor trustee, and a cotrustee.