Hawaii Revised Statutes 554D-417 – Combination and division of trusts
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Terms Used In Hawaii Revised Statutes 554D-417
- 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
After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. Two or more trusts may be combined into a single trust if the interests of each beneficiary in the trust resulting from the combination are substantially the same as the combined interests of the beneficiary in the trusts before the combination. The terms of each new trust created by a division under this section shall provide, in the aggregate, for the same succession of interests and beneficiaries as are provided in the original trust.