Hawaii Revised Statutes 441-42 – Trustee’s compensation
Current as of: 2024 | Check for updates
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Terms Used In Hawaii Revised Statutes 441-42
- Fiduciary: A trustee, executor, or administrator.
- Pre-need trust: means a fund separately maintained to provide for the future services agreed to or contracted for by the pre-need funeral service plan participant or the pre-need interment service plan participant. See Hawaii Revised Statutes 441-1
- Trustee: means a bank or a trust company, authorized to transact such business in the State, or a board of trustees appointed by the governing body of the cemetery and pre-need funeral authority, designated as trustee pursuant to a written trust agreement under the terms of this chapter for the funds deposited by an authority. See Hawaii Revised Statutes 441-1
- Trustee: A person or institution holding and administering property in trust.
The trustee shall be entitled to the same compensation as provided by law for trust companies in the management of fiduciary accounts, but in no event shall any sum in excess of five per cent of the income derived from the fund or pre-need trust in any year be paid as compensation to the trustee for its services in the administration of the fund or trust.