Terms Used In Hawaii Revised Statutes > Chapter 554D > Part I - General Provisions and Definitions

• Ascertainable standard: means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter. See Hawaii Revised Statutes 554D-103
• Beneficiary: means a person who:
  (1) Has a present or future beneficial interest in a trust, vested or contingent; or
  (2) In a capacity other than that of trustee, holds a power of appointment over trust property. See Hawaii Revised Statutes 554D-103
• 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}
• Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in section -405(a). See Hawaii Revised Statutes 554D-103
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court: means the circuit court in this State having jurisdiction over all subject matter relating to trusts. See Hawaii Revised Statutes 554D-103
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Interested persons: includes beneficiaries and any others having a property right in or claim against a trust estate that may be affected by a judicial proceeding and fiduciaries and other persons representing interested persons. See Hawaii Revised Statutes 554D-103
• Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Hawaii Revised Statutes 554D-103
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Hawaii Revised Statutes 554D-103
• Probate: Proving a will
• 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
• Qualified beneficiary: means a beneficiary who, on the date the beneficiary's qualification is determined:
  (1) Is a distributee or permissible distributee of trust income or principal;
  (2) Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in paragraph (1) terminated on that date without causing the trust to terminate; or
  (3) Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. See Hawaii Revised Statutes 554D-103
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: means a person, including a testator, who creates, or contributes property to, a trust. See Hawaii Revised Statutes 554D-103
• Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Hawaii Revised Statutes 554D-103
• Spouse: includes individuals who are married to each other and individuals who are reciprocal beneficiaries. See Hawaii Revised Statutes 554D-103
• State: includes an Indian tribe or band recognized by federal law or formally acknowledged by a state. See Hawaii Revised Statutes 554D-103
• Statute: A law passed by a legislature.
• Terms of a trust: means :
  (1) Except as otherwise provided in paragraph (2), the manifestation of the settlor's intent regarding a trust's provisions as:

  (A) Expressed in the trust instrument; or

  (B) Established by other evidence that would be admissible in a judicial proceeding; or
  (2) The trust's provisions, as established, determined, or amended by:

  (A) A trustee or other person in accordance with applicable law;

  (B) A court order; or

  (C) A nonjudicial settlement agreement under section -111. See Hawaii Revised Statutes 554D-103
• Testator: A male person who leaves a will at death.
• Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Hawaii Revised Statutes 554D-103
• Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Hawaii Revised Statutes 554D-103
• Trustee: A person or institution holding and administering property in trust.
• Venue: The geographical location in which a case is tried.