Terms Used In Hawaii Revised Statutes > Chapter 554D > Part VIII - Duties and Powers of Trustee

• 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.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Conservator: means a person appointed by the court to administer the estate of a minor or adult individual. See Hawaii Revised Statutes 554D-103
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Decedent: A deceased person.
• Environmental law: means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. 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.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: means a person appointed by the court, a parent, or a spouse to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. See Hawaii Revised Statutes 554D-103
• Incapacitated: means an individual who, for reasons other than age, is unable to manage property and business affairs effectively because of an impairment in the ability to receive and evaluate information or to make or communicate decisions, even with the use of appropriate and reasonably available technological assistance or because of another physical, mental, or health impairment, or because the individual is missing, detained, or unable to return to the United States. See Hawaii Revised Statutes 554D-103
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• 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
• 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.