Hawaii Revised Statutes 557A-408 – Insubstantial allocations not required
Current as of: 2024 | Check for updates
|
Other versions
If a trustee determines that an allocation between principal and income required by sections 557A-409 through 557A-412 or section [ 557A-415 ] is insubstantial, the trustee may allocate the entire amount to principal if one of the circumstances described in section 557A-104(c) does not apply to such an allocation. This power may be exercised by a co-trustee in the circumstances described in section 557A-104(d), and it may be released for the reasons and in the manner described in section 557A-104(e). An allocation shall be presumed to be insubstantial if:
Terms Used In Hawaii Revised Statutes 557A-408
- 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.
- Income: means money or property a fiduciary receives as the current return from a principal asset. 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