(a) While the settlor of a revocable trust is alive, rights of the beneficiaries are subject to the control of the settlor, the duties of the trustee are owed exclusively to the settlor, and beneficiaries other than the settlor have no right to receive notice, information, or reports under section -813.
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Terms Used In Hawaii Revised Statutes 554D-603

  • Power of withdrawal: means a presently exercisable general power of appointment other than a power:

    (1) Exercisable by a trustee and limited by an ascertainable standard; or
    (2) Exercisable by another person only upon consent of the trustee or a person holding an adverse interest. 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
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Settlor: means a person, including a testator, who creates, or contributes property to, a trust. 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
(b) The rights of the beneficiaries with respect to property that is subject to a power of withdrawal are subject to the control of the holder of the power during the period that the power may be exercised, and the duties of the trustee are owed exclusively to the holder of a power of withdrawal with respect to the property that is subject to the power.

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