Hawaii Revised Statutes 557A-402 – Distribution from trust or estate
Current as of: 2024 | Check for updates
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Terms Used In Hawaii Revised Statutes 557A-402
- Decedent: A deceased person.
- Donor: The person who makes a gift.
- Income: means money or property a fiduciary receives as the current return from a principal asset. See Hawaii Revised Statutes 557A-102
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Hawaii Revised Statutes 557A-102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Hawaii Revised Statutes 557A-102
Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 557A-401 or 557A-415 shall apply to a receipt from the trust.