Terms Used In Hawaii Revised Statutes > Chapter 554D > Part V - Creditor's Claims; Spendthrift and Discretionary Trusts

• 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
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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: 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
• 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}
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Power of withdrawal: means a presently exercisable general power of appointment other than a power:
  (1) Exercisable by a trustee and limited by an ascertainable standard; or
  (2) Exercisable by another person only upon consent of the trustee or a person holding an adverse interest. 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
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• 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
• 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
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Hawaii Revised Statutes 554D-103