Hawaii Revised Statutes 554G-4 – Permitted trustees
Terms Used In Hawaii Revised Statutes 554G-4
- Permitted trustee: means a person, other than the transferor, who is a resident of this State or a bank or trust company that is authorized to do business in this State, possesses and exercises trust powers, has its principal place of business in this State; and:
(1) Maintains or arranges for custody of some or all of the property that is the subject of the permitted transfer;
(2) Maintains records for the trust on an exclusive or nonexclusive basis;
(3) Prepares or arranges for the preparation of fiduciary income tax returns; or
(4) Otherwise materially participates in the administration of the trust. See Hawaii Revised Statutes 554G-2
- Probate: Proving a will
- Trust instrument: means an irrevocable instrument appointing a permitted trustee or permitted trustees for the permitted property that is the subject of a disposition. See Hawaii Revised Statutes 554G-2
- 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 court. See Hawaii Revised Statutes 554G-2
If a permitted trustee of a trust ceases to meet the criteria for a permitted trustee as defined in § 554G-2, and there remains no trustee that meets the requirements, the permitted trustee shall be deemed to have resigned as of the time that the trustee ceases to meet the criteria. At that time, the successor permitted trustee provided for in the trust instrument shall become the permitted trustee of the trust. In the absence of any successor permitted trustee provided for in the trust instrument, a trust advisor or protector provided for in the trust instrument shall appoint a successor permitted trustee. In the absence of a designated trust advisor or protector or in the event of the failure of the designated trust advisor or protector to appoint a successor permitted trustee, the circuit court sitting in probate, upon application of any interested party, shall appoint a successor permitted trustee.