Terms Used In Hawaii Revised Statutes 557A-404

• Accounting period: means a calendar year unless another twelve-month period is selected by a fiduciary. See Hawaii Revised Statutes 557A-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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: includes , in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Hawaii Revised Statutes 557A-102
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Income: means money or property a fiduciary receives as the current return from a principal asset. See Hawaii Revised Statutes 557A-102
• Income interest: means an income beneficiary's right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Hawaii Revised Statutes 557A-102
• Mandatory income interest: means an income beneficiary's right to receive net income that the terms of the trust require the fiduciary to distribute. See Hawaii Revised Statutes 557A-102
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. 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