Hawaii Revised Statutes 560:2-201 – Definitions
Terms Used In Hawaii Revised Statutes 560:2-201
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Decedent: A deceased person.
- Intestate: Dying without leaving a will.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
In this part:
As used in sections other than section 560:2-205, “decedent’s nonprobate transfers to others” means the amounts that are included in the augmented estate under section 560:2-205.
“Fractional interest in property held in joint tenancy with the right of survivorship”, whether the fractional interest is unilaterally severable or not, means the fraction, the numerator of which is one and the denominator of which, if the decedent was a joint tenant, is one plus the number of joint tenants who survive the decedent and which, if the decedent was not a joint tenant, is the number of joint tenants.
“Marriage”, as it relates to a transfer by the decedent during marriage, means any marriage of the decedent to the decedent’s surviving spouse.
“Nonadverse party” means a person who does not have a substantial beneficial interest in the trust or other property arrangement that would be adversely affected by the exercise or nonexercise of the power that the person possesses respecting the trust or other property arrangement. A person having a general power of appointment over property is deemed to have a beneficial interest in the property.
“Power” or “power of appointment” includes a power to designate the beneficiary of a beneficiary designation.
“Presently exercisable general power of appointment” means a power of appointment under which, at the time in question, the decedent, whether or not the decedent then had the capacity to exercise the power, held a power to create a present or future interest in the decedent’s self, the decedent’s creditors, the decedent’s estate, or creditors of the decedent’s estate, and includes a power to revoke or invade the principal of a trust or other property arrangement.
“Probate estate” means property that would pass by intestate succession if the decedent died without a valid will.
“Property” includes values subject to a beneficiary designation.
“Reciprocal beneficiary” means an adult who is a party to a registered reciprocal beneficiary relationship in accordance with chapter 572C, and has a valid certificate of reciprocal beneficiary relationship that has not been terminated.
“Reciprocal beneficiary relationship” is the registered status of two adults defined in chapter 572C.
“Right to income” includes a right to payments under a commercial or private annuity, an annuity trust, a unitrust, or a similar arrangement.
“Transfer”, as it relates to a transfer by or of the decedent, includes:
(1) An exercise or release of a presently exercisable general power of appointment held by the decedent;
(2) A lapse at death of a presently exercisable general power of appointment held by the decedent; and
(3) An exercise, release, or lapse of a general power of appointment that the decedent created in the decedent’s self of a power described in section 560:2-205(2)(B) that the decedent conferred on a nonadverse party.